Discounted Cash Flow (DCF) Analysis Levered
DISH Network Corporation (DISH)
$6.55
-0.88 (-11.84%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 13,621.30 | 12,807.68 | 15,493.44 | 17,881.11 | 16,679.41 | 17,667.12 | 18,713.33 | 19,821.49 | 20,995.27 | 22,238.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,517.84 | 2,662.40 | 3,311.78 | 4,031.25 | 3,092.10 | 3,594.58 | 3,807.44 | 4,032.91 | 4,271.72 | 4,524.69 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,316.70 | -1,494.60 | -2,240.05 | -2,086.18 | -10,918.48 | -3,990.01 | -4,226.29 | -4,476.56 | -4,741.65 | -5,022.44 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,201.14 | 1,167.80 | 1,071.73 | 1,945.07 | -7,826.38 | -395.43 | -418.85 | -443.65 | -469.93 | -497.75 |
Weighted Average Cost Of Capital
| Share price | $ 6.55 |
|---|---|
| Beta | 1.790 |
| Diluted Shares Outstanding | 637.29 |
| Cost of Debt | |
| Tax Rate | 25.81 |
| After-tax Cost of Debt | 0.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.192 |
| Total Debt | 24,037.02 |
| Total Equity | 4,174.25 |
| Total Capital | 28,211.27 |
| Debt Weighting | 85.20 |
| Equity Weighting | 14.80 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 13,621.30 | 12,807.68 | 15,493.44 | 17,881.11 | 16,679.41 | 17,667.12 | 18,713.33 | 19,821.49 | 20,995.27 | 22,238.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,517.84 | 2,662.40 | 3,311.78 | 4,031.25 | 3,092.10 | 3,594.58 | 3,807.44 | 4,032.91 | 4,271.72 | 4,524.69 |
| Capital Expenditure | -1,316.70 | -1,494.60 | -2,240.05 | -2,086.18 | -10,918.48 | -3,990.01 | -4,226.29 | -4,476.56 | -4,741.65 | -5,022.44 |
| Free Cash Flow | 1,201.14 | 1,167.80 | 1,071.73 | 1,945.07 | -7,826.38 | -395.43 | -418.85 | -443.65 | -469.93 | -497.75 |
| WACC | ||||||||||
| PV LFCF | -388.21 | -403.69 | -419.79 | -436.53 | -453.94 | |||||
| SUM PV LFCF | -2,102.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.86 |
| Free cash flow (t + 1) | -507.71 |
| Terminal Value | 362,648.99 |
| Present Value of Terminal Value | 330,725.83 |
Intrinsic Value
| Enterprise Value | 328,623.66 |
|---|---|
| Net Debt | 22,251.97 |
| Equity Value | 306,371.70 |
| Shares Outstanding | 637.29 |
| Equity Value Per Share | 480.74 |