Discounted Cash Flow (DCF) Analysis Levered

U.S. Concrete, Inc. (USCR)

$73.99

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 190.95 | 73.99 | undervalue

Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 974.721,168.161,399.991,677.842,010.822,409.892,888.163,461.354,148.294,971.565,958.22
Revenue (%)
Operating Cash Flow 104.26112.12142.06170.26204.05244.54293.07351.24420.95504.49604.61
Operating Cash Flow (%)
Capital Expenditure -24.98-40.42-42.16-50.53-60.56-72.57-86.98-104.24-124.93-149.72-179.43
Capital Expenditure (%)
Free Cash Flow 79.2871.7099.90119.73143.49171.97206.10247296.02354.77425.17

Weighted Average Cost Of Capital

Share price $ 73.99
Beta 1.342
Diluted Shares Outstanding 16
Cost of Debt
Tax Rate -26.32
After-tax Cost of Debt 56.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.161
Total Debt 81
Total Equity 1,183.84
Total Capital 1,264.84
Debt Weighting 6.40
Equity Weighting 93.60
Wacc

Build Up Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 974.721,168.161,399.991,677.842,010.822,409.892,888.163,461.354,148.294,971.565,958.22
Operating Cash Flow 104.26112.12142.06170.26204.05244.54293.07351.24420.95504.49604.61
Capital Expenditure -24.98-40.42-42.16-50.53-60.56-72.57-86.98-104.24-124.93-149.72-179.43
Free Cash Flow 79.2871.7099.90119.73143.49171.97206.10247296.02354.77425.17
WACC
PV LFCF 127.88135.46143.49152161170.55180.66191.36202.71
SUM PV LFCF 1,025.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.14
Free cash flow (t + 1) 433.68
Terminal Value 3,892.97
Present Value of Terminal Value 2,099.91

Intrinsic Value

Enterprise Value 3,125.27
Net Debt 70
Equity Value 3,055.27
Shares Outstanding 16
Equity Value Per Share 190.95