Discounted Cash Flow (DCF) Analysis Levered

PBF Logistics LP (PBFX)

$21.55

-0.26 (-1.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 29.00 | 21.55 | 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 254.81283.44340.21360.26355.54387.40422.11459.94501.15546.06
Revenue (%)
Operating Cash Flow 142.45133.14149.01186.64187.77194.70212.15231.16251.88274.45
Operating Cash Flow (%)
Capital Expenditure -89.54-100.71-31.75-12.31-8.62-66.51-72.47-78.96-86.04-93.75
Capital Expenditure (%)
Free Cash Flow 52.9132.43117.26174.33179.15128.19139.68152.20165.83180.70

Weighted Average Cost Of Capital

Share price $ 21.55
Beta 1.271
Diluted Shares Outstanding 62.91
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 6.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.688
Total Debt 622.54
Total Equity 1,355.63
Total Capital 1,978.17
Debt Weighting 31.47
Equity Weighting 68.53
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 254.81283.44340.21360.26355.54387.40422.11459.94501.15546.06
Operating Cash Flow 142.45133.14149.01186.64187.77194.70212.15231.16251.88274.45
Capital Expenditure -89.54-100.71-31.75-12.31-8.62-66.51-72.47-78.96-86.04-93.75
Free Cash Flow 52.9132.43117.26174.33179.15128.19139.68152.20165.83180.70
WACC
PV LFCF 77.807878.2078.4078.61
SUM PV LFCF 592.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.68
Free cash flow (t + 1) 184.31
Terminal Value 2,759.13
Present Value of Terminal Value 1,819.80

Intrinsic Value

Enterprise Value 2,412.63
Net Debt 588.64
Equity Value 1,823.99
Shares Outstanding 62.91
Equity Value Per Share 29.00