Discounted Cash Flow (DCF) Analysis Levered
Infinera Corporation (INFN)
$7.405
-0.11 (-1.53%)
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 | 740.74 | 943.38 | 1,298.86 | 1,355.60 | 1,425.20 | 1,690.80 | 2,005.88 | 2,379.69 | 2,823.15 | 3,349.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -21.93 | -99.08 | -167.35 | -112.30 | 28.13 | -110.44 | -131.02 | -155.43 | -184.40 | -218.76 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -58.04 | -37.69 | -30.20 | -39.01 | -41.38 | -67.42 | -79.98 | -94.89 | -112.57 | -133.55 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -79.97 | -136.78 | -197.55 | -151.31 | -13.25 | -177.85 | -211 | -250.32 | -296.97 | -352.31 |
Weighted Average Cost Of Capital
| Share price | $ 7.405 |
|---|---|
| Beta | 1.213 |
| Diluted Shares Outstanding | 207.38 |
| Cost of Debt | |
| Tax Rate | -7.55 |
| After-tax Cost of Debt | 8.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.340 |
| Total Debt | 549.44 |
| Total Equity | 1,535.63 |
| Total Capital | 2,085.07 |
| Debt Weighting | 26.35 |
| Equity Weighting | 73.65 |
| 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 | 740.74 | 943.38 | 1,298.86 | 1,355.60 | 1,425.20 | 1,690.80 | 2,005.88 | 2,379.69 | 2,823.15 | 3,349.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -21.93 | -99.08 | -167.35 | -112.30 | 28.13 | -110.44 | -131.02 | -155.43 | -184.40 | -218.76 |
| Capital Expenditure | -58.04 | -37.69 | -30.20 | -39.01 | -41.38 | -67.42 | -79.98 | -94.89 | -112.57 | -133.55 |
| Free Cash Flow | -79.97 | -136.78 | -197.55 | -151.31 | -13.25 | -177.85 | -211 | -250.32 | -296.97 | -352.31 |
| WACC | ||||||||||
| PV LFCF | -162.83 | -176.85 | -192.07 | -208.61 | -226.58 | |||||
| SUM PV LFCF | -966.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.23 |
| Free cash flow (t + 1) | -359.35 |
| Terminal Value | -4,970.32 |
| Present Value of Terminal Value | -3,196.50 |
Intrinsic Value
| Enterprise Value | -4,163.43 |
|---|---|
| Net Debt | 358.83 |
| Equity Value | -4,522.26 |
| Shares Outstanding | 207.38 |
| Equity Value Per Share | -21.81 |