Discounted Cash Flow (DCF) Analysis Levered
Miller/Howard High Income Equity Fu... (HIE)
$10.67
+0.17 (+1.62%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 23.39 | -0.15 | 14.83 | -50.70 | 87.52 | -2,221.98 | 56,411.88 | -1,432,190.67 | 36,360,608.38 | -923,126,975.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 18.18 | 0.85 | -7.88 | 9.54 | -6.99 | 2,468.95 | -62,681.87 | 1,591,373.85 | -40,401,967.83 | 1,025,729,436.72 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | 2,468.95 | -62,681.87 | 1,591,373.85 | -40,401,967.83 | 1,025,729,436.72 |
Weighted Average Cost Of Capital
| Share price | $ 10.67 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 18.79 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 2.849 |
| Total Debt | 50.50 |
| Total Equity | 200.44 |
| Total Capital | 250.94 |
| Debt Weighting | 20.12 |
| Equity Weighting | 79.88 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 23.39 | -0.15 | 14.83 | -50.70 | 87.52 | -2,221.98 | 56,411.88 | -1,432,190.67 | 36,360,608.38 | -923,126,975.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 18.18 | 0.85 | -7.88 | 9.54 | -6.99 | 2,468.95 | -62,681.87 | 1,591,373.85 | -40,401,967.83 | 1,025,729,436.72 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | 2,468.95 | -62,681.87 | 1,591,373.85 | -40,401,967.83 | 1,025,729,436.72 |
| WACC | ||||||||||
| PV LFCF | 2,410.37 | -59,743.07 | 1,480,780.54 | -36,702,346.22 | 909,697,404.56 | |||||
| SUM PV LFCF | 874,418,506.19 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.43 |
| Free cash flow (t + 1) | 1,046,244,025.46 |
| Terminal Value | 243,312,564,060.20 |
| Present Value of Terminal Value | 215,788,686,664.01 |
Intrinsic Value
| Enterprise Value | 216,663,105,170.20 |
|---|---|
| Net Debt | 50.31 |
| Equity Value | 216,663,105,119.89 |
| Shares Outstanding | 18.79 |
| Equity Value Per Share | 11,533,428,717.42 |