Discounted Cash Flow (DCF) Analysis Levered

Duff & Phelps Utility and Infrastru... (DPG)

$12.74

+0.14 (+1.11%)

All numbers are in Millions, Currency in USD

Stock DCF: -170.33 | 12.74 | overvalue

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	-28.77	96.90	-108.48	123.39	-12.48	17.87	-25.58	36.63	-52.44	75.07
Revenue (%)
Operating Cash Flow	42.93	52.79	109.59	45.96	71.63	-26.18	37.48	-53.65	76.82	-109.98
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	-26.18	37.48	-53.65	76.82	-109.98

Weighted Average Cost Of Capital

Share price	$ 12.74
Beta	0.000
Diluted Shares Outstanding	37.96
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	2.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.693
Total Debt	155
Total Equity	483.64
Total Capital	638.64
Debt Weighting	24.27
Equity Weighting	75.73
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	-28.77	96.90	-108.48	123.39	-12.48	17.87	-25.58	36.63	-52.44	75.07
Operating Cash Flow	42.93	52.79	109.59	45.96	71.63	-26.18	37.48	-53.65	76.82	-109.98
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-26.18	37.48	-53.65	76.82	-109.98
WACC
PV LFCF						-25.29	34.98	-48.38	66.92	-92.56
SUM PV LFCF										-64.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.51
Free cash flow (t + 1)	-112.18
Terminal Value	-7,429.12
Present Value of Terminal Value	-6,252.10

Intrinsic Value

Enterprise Value	-6,316.43
Net Debt	149.89
Equity Value	-6,466.32
Shares Outstanding	37.96
Equity Value Per Share	-170.33