Discounted Cash Flow (DCF) Analysis Levered

Miller/Howard High Income Equity Fu... (HIE)

$9.07

+0.04 (+0.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,350,084,161.58 | 9.07 | undervalue

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 23.39-0.1514.83-50.7087.52-2,221.9856,411.88-1,432,190.6736,360,608.38-923,126,975.14
Revenue (%)
Operating Cash Flow 18.180.85-7.889.54-6.992,468.95-62,681.871,591,373.85-40,401,967.831,025,729,436.72
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----2,468.95-62,681.871,591,373.85-40,401,967.831,025,729,436.72

Weighted Average Cost Of Capital

Share price $ 9.07
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 3.804
Total Debt 50.50
Total Equity 170.39
Total Capital 220.89
Debt Weighting 22.86
Equity Weighting 77.14
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 23.39-0.1514.83-50.7087.52-2,221.9856,411.88-1,432,190.6736,360,608.38-923,126,975.14
Operating Cash Flow 18.180.85-7.889.54-6.992,468.95-62,681.871,591,373.85-40,401,967.831,025,729,436.72
Capital Expenditure ----------
Free Cash Flow -----2,468.95-62,681.871,591,373.85-40,401,967.831,025,729,436.72
WACC
PV LFCF 2,394.48-58,957.671,451,676.54-35,743,688.87880,093,644.79
SUM PV LFCF 845,745,069.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.11
Free cash flow (t + 1) 1,046,244,025.46
Terminal Value 94,256,218,509.81
Present Value of Terminal Value 80,873,470,062.12

Intrinsic Value

Enterprise Value 81,719,215,131.38
Net Debt 50.31
Equity Value 81,719,215,081.07
Shares Outstanding 18.79
Equity Value Per Share 4,350,084,161.58