Discounted Cash Flow (DCF) Analysis Levered
Shenandoah Telecommunications Compa... (SHEN)
$19.22
+0.04 (+0.21%)
All numbers are in Millions, Currency in USD
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 | 630.85 | 633.91 | 220.78 | 245.24 | 213.33 | 177.80 | 148.19 | 123.51 | 102.94 | 85.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 265.65 | 259.15 | 302.87 | -250.93 | 74.89 | 54.39 | 45.33 | 37.78 | 31.49 | 26.25 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -136.64 | -155.53 | -120.45 | -160.10 | -189.61 | -90.65 | -75.55 | -62.97 | -52.48 | -43.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 129.01 | 103.61 | 182.42 | -411.04 | -114.71 | -36.26 | -30.22 | -25.19 | -20.99 | -17.49 |
Weighted Average Cost Of Capital
| Share price | $ 19.22 |
|---|---|
| Beta | 0.670 |
| Diluted Shares Outstanding | 50.15 |
| Cost of Debt | |
| Tax Rate | 26.74 |
| After-tax Cost of Debt | 5.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.862 |
| Total Debt | 128.26 |
| Total Equity | 963.86 |
| Total Capital | 1,092.12 |
| Debt Weighting | 11.74 |
| Equity Weighting | 88.26 |
| 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 | 630.85 | 633.91 | 220.78 | 245.24 | 213.33 | 177.80 | 148.19 | 123.51 | 102.94 | 85.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 265.65 | 259.15 | 302.87 | -250.93 | 74.89 | 54.39 | 45.33 | 37.78 | 31.49 | 26.25 |
| Capital Expenditure | -136.64 | -155.53 | -120.45 | -160.10 | -189.61 | -90.65 | -75.55 | -62.97 | -52.48 | -43.74 |
| Free Cash Flow | 129.01 | 103.61 | 182.42 | -411.04 | -114.71 | -36.26 | -30.22 | -25.19 | -20.99 | -17.49 |
| WACC | ||||||||||
| PV LFCF | -28 | -21.88 | -17.10 | -13.36 | -10.44 | |||||
| SUM PV LFCF | -110.18 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.67 |
| Free cash flow (t + 1) | -17.84 |
| Terminal Value | -382.11 |
| Present Value of Terminal Value | -276.68 |
Intrinsic Value
| Enterprise Value | -386.86 |
|---|---|
| Net Debt | 84.20 |
| Equity Value | -471.06 |
| Shares Outstanding | 50.15 |
| Equity Value Per Share | -9.39 |