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 21.97-137.88-485.5075.6067.46-34.0417.17-8.664.37-2.21
Revenue (%)
Operating Cash Flow -209.92161.43420.9621.8027.5274.17-37.4218.88-9.524.81
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----74.17-37.4218.88-9.524.81

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 21.97-137.88-485.5075.6067.46-34.0417.17-8.664.37-2.21
Operating Cash Flow -209.92161.43420.9621.8027.5274.17-37.4218.88-9.524.81
Capital Expenditure ----------
Free Cash Flow -----74.17-37.4218.88-9.524.81
WACC
PV LFCF 71.48-34.7516.90-8.213.99
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