Discounted Cash Flow (DCF) Analysis Levered

USD Partners LP (USDP)

$4.02

+0.07 (+1.77%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.15 | 4.02 | 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 108.81119.23113.66120.04122.10125.83129.68133.65137.74141.95
Revenue (%)
Operating Cash Flow 47.7345.1338.4445.8147.1348.4049.8851.4052.9754.59
Operating Cash Flow (%)
Capital Expenditure -27.58-8.82-8.44-0.48-2.39-10.70-11.03-11.37-11.72-12.07
Capital Expenditure (%)
Free Cash Flow 20.1436.313045.3344.7437.6938.8540.0341.2642.52

Weighted Average Cost Of Capital

Share price $ 4.02
Beta 1.157
Diluted Shares Outstanding 26.84
Cost of Debt
Tax Rate 3.16
After-tax Cost of Debt 3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.263
Total Debt 171.47
Total Equity 107.92
Total Capital 279.39
Debt Weighting 61.37
Equity Weighting 38.63
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 108.81119.23113.66120.04122.10125.83129.68133.65137.74141.95
Operating Cash Flow 47.7345.1338.4445.8147.1348.4049.8851.4052.9754.59
Capital Expenditure -27.58-8.82-8.44-0.48-2.39-10.70-11.03-11.37-11.72-12.07
Free Cash Flow 20.1436.313045.3344.7437.6938.8540.0341.2642.52
WACC
PV LFCF 33.9033.1432.3931.6630.94
SUM PV LFCF 170.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.44
Free cash flow (t + 1) 43.37
Terminal Value 1,260.79
Present Value of Terminal Value 967.42

Intrinsic Value

Enterprise Value 1,138.27
Net Debt 167.72
Equity Value 970.54
Shares Outstanding 26.84
Equity Value Per Share 36.15