Discounted Cash Flow (DCF) Analysis Levered

Mammoth Energy Services, Inc. (TUSK)

$3.95

+0.06 (+1.54%)

All numbers are in Millions, Currency in USD

Stock DCF: -3.24 | 3.95 | overvalue

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	1,690.08	625.01	625.01	228.96	362.09	279.72	216.09	166.93	128.96	99.62
Revenue (%)
Operating Cash Flow	386.67	-95.32	6.97	-18.87	15.27	2.64	2.04	1.58	1.22	0.94
Operating Cash Flow (%)
Capital Expenditure	-191.94	-35.76	-6.76	-5.84	-12.74	-13.56	-10.47	-8.09	-6.25	-4.83
Capital Expenditure (%)
Free Cash Flow	194.73	-131.08	0.21	-24.71	2.53	-10.91	-8.43	-6.51	-5.03	-3.89

Weighted Average Cost Of Capital

Share price	$ 3.95
Beta	1.754
Diluted Shares Outstanding	47.17
Cost of Debt
Tax Rate	104.77
After-tax Cost of Debt	-0.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.970
Total Debt	93.88
Total Equity	186.34
Total Capital	280.22
Debt Weighting	33.50
Equity Weighting	66.50
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	1,690.08	625.01	625.01	228.96	362.09	279.72	216.09	166.93	128.96	99.62
Operating Cash Flow	386.67	-95.32	6.97	-18.87	15.27	2.64	2.04	1.58	1.22	0.94
Capital Expenditure	-191.94	-35.76	-6.76	-5.84	-12.74	-13.56	-10.47	-8.09	-6.25	-4.83
Free Cash Flow	194.73	-131.08	0.21	-24.71	2.53	-10.91	-8.43	-6.51	-5.03	-3.89
WACC
PV LFCF						-10.13	-7.26	-5.21	-3.73	-2.68
SUM PV LFCF										-29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.76
Free cash flow (t + 1)	-3.97
Terminal Value	-68.84
Present Value of Terminal Value	-47.38

Intrinsic Value

Enterprise Value	-76.38
Net Debt	76.60
Equity Value	-152.98
Shares Outstanding	47.17
Equity Value Per Share	-3.24