Discounted Cash Flow (DCF) Analysis Levered
First Trust MLP and Energy Income F... (FEI)
$7.79
+0.10 (+1.30%)
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 | -43.85 | 32.93 | -201.40 | 99.14 | 52.11 | -89.02 | 152.09 | -259.84 | 443.94 | -758.46 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 90.04 | 56.92 | 170.70 | -5.61 | 17.43 | 15.92 | -27.20 | 46.48 | -79.41 | 135.66 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | 15.92 | -27.20 | 46.48 | -79.41 | 135.66 |
Weighted Average Cost Of Capital
Share price | $ 7.79 |
---|---|
Beta | 0.000 |
Diluted Shares Outstanding | 45.62 |
Cost of Debt | |
Tax Rate | -29.47 |
After-tax Cost of Debt | 1.95% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 3.714 |
Total Debt | 107 |
Total Equity | 355.39 |
Total Capital | 462.39 |
Debt Weighting | 23.14 |
Equity Weighting | 76.86 |
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 | -43.85 | 32.93 | -201.40 | 99.14 | 52.11 | -89.02 | 152.09 | -259.84 | 443.94 | -758.46 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 90.04 | 56.92 | 170.70 | -5.61 | 17.43 | 15.92 | -27.20 | 46.48 | -79.41 | 135.66 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | 15.92 | -27.20 | 46.48 | -79.41 | 135.66 |
WACC | ||||||||||
PV LFCF | 13.10 | -21.66 | 35.82 | -59.23 | 97.96 | |||||
SUM PV LFCF | 77.65 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 3.31 |
Free cash flow (t + 1) | 138.38 |
Terminal Value | 10,563.11 |
Present Value of Terminal Value | 8,975.94 |
Intrinsic Value
Enterprise Value | 9,053.59 |
---|---|
Net Debt | 104.36 |
Equity Value | 8,949.23 |
Shares Outstanding | 45.62 |
Equity Value Per Share | 196.17 |