Discounted Cash Flow (DCF) Analysis Levered

Rice Acquisition Corp. (RICE)

$18.27

+0.20 (+-%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,373.27 | 18.27 | overvalue

Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
Revenue 502.14778.911,208.221,874.152,907.124,509.446,994.91
Revenue (%)
Operating Cash Flow 412.99485.88873.691,355.252,102.223,260.905,058.21
Operating Cash Flow (%)
Capital Expenditure -1,246.27-880.51-2,182.26-3,385.06-5,250.80-8,144.88-12,634.09
Capital Expenditure (%)
Free Cash Flow -833.29-394.63-1,308.57-2,029.81-3,148.58-4,883.98-7,575.88

Weighted Average Cost Of Capital

Share price $ 18.27
Beta 0.000
Diluted Shares Outstanding 162.23
Cost of Debt
Tax Rate 31.02
After-tax Cost of Debt 4.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.532
Total Debt 1,662.93
Total Equity 2,963.86
Total Capital 4,626.79
Debt Weighting 35.94
Equity Weighting 64.06
Wacc

Build Up Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
Revenue 502.14778.911,208.221,874.152,907.124,509.446,994.91
Operating Cash Flow 412.99485.88873.691,355.252,102.223,260.905,058.21
Capital Expenditure -1,246.27-880.51-2,182.26-3,385.06-5,250.80-8,144.88-12,634.09
Free Cash Flow -833.29-394.63-1,308.57-2,029.81-3,148.58-4,883.98-7,575.88
WACC
PV LFCF -1,408.55-2,105.93-3,148.58-4,707.45-7,038.12
SUM PV LFCF -16,483.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.75
Free cash flow (t + 1) -7,727.40
Terminal Value -441,565.55
Present Value of Terminal Value -367,328.53

Intrinsic Value

Enterprise Value -383,812.32
Net Debt 1,192.88
Equity Value -385,005.20
Shares Outstanding 162.23
Equity Value Per Share -2,373.27