Discounted Cash Flow (DCF) Analysis Levered

Tortoise Midstream Energy Fund, Inc... (NTG)

$31.954

+0.22 (+0.69%)

All numbers are in Millions, Currency in USD

Stock DCF: 37.61 | 31.954 | undervalue

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	21.97	-137.88	-485.50	75.60	67.46	-34.04	17.17	-8.66	4.37	-2.21
Revenue (%)
Operating Cash Flow	-209.92	161.43	420.96	21.80	27.52	74.17	-37.42	18.88	-9.52	4.81
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	74.17	-37.42	18.88	-9.52	4.81

Weighted Average Cost Of Capital

Share price	$ 31.954
Beta	0.000
Diluted Shares Outstanding	6.30
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	3.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.810
Total Debt	42.60
Total Equity	201.29
Total Capital	243.89
Debt Weighting	17.47
Equity Weighting	82.53
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	21.97	-137.88	-485.50	75.60	67.46	-34.04	17.17	-8.66	4.37	-2.21
Operating Cash Flow	-209.92	161.43	420.96	21.80	27.52	74.17	-37.42	18.88	-9.52	4.81
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	74.17	-37.42	18.88	-9.52	4.81
WACC
PV LFCF						71.48	-34.75	16.90	-8.21	3.99
SUM PV LFCF										49.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.77
Free cash flow (t + 1)	4.90
Terminal Value	276.91
Present Value of Terminal Value	230.14

Intrinsic Value

Enterprise Value	279.54
Net Debt	42.60
Equity Value	236.94
Shares Outstanding	6.30
Equity Value Per Share	37.61