Discounted Cash Flow (DCF) Analysis Levered
Unitil Corporation (UTL)
$53.05
+1.04 (+2.00%)
All numbers are in Millions, Currency in USD
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 | 406.20 | 444.10 | 438.20 | 418.60 | 473.30 | 492.94 | 513.39 | 534.69 | 556.88 | 579.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 86.20 | 78.50 | 104.90 | 75.70 | 107.80 | 102.23 | 106.47 | 110.89 | 115.49 | 120.28 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -119.30 | -102.40 | -119.20 | -122.60 | -115 | -131.33 | -136.78 | -142.46 | -148.37 | -154.52 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -33.10 | -23.90 | -14.30 | -46.90 | -7.20 | -29.10 | -30.31 | -31.57 | -32.88 | -34.24 |
Weighted Average Cost Of Capital
| Share price | $ 53.05 |
|---|---|
| Beta | 0.478 |
| Diluted Shares Outstanding | 14.95 |
| Cost of Debt | |
| Tax Rate | 24.16 |
| After-tax Cost of Debt | 3.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.028 |
| Total Debt | 570.10 |
| Total Equity | 793.20 |
| Total Capital | 1,363.30 |
| Debt Weighting | 41.82 |
| Equity Weighting | 58.18 |
| 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 | 406.20 | 444.10 | 438.20 | 418.60 | 473.30 | 492.94 | 513.39 | 534.69 | 556.88 | 579.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 86.20 | 78.50 | 104.90 | 75.70 | 107.80 | 102.23 | 106.47 | 110.89 | 115.49 | 120.28 |
| Capital Expenditure | -119.30 | -102.40 | -119.20 | -122.60 | -115 | -131.33 | -136.78 | -142.46 | -148.37 | -154.52 |
| Free Cash Flow | -33.10 | -23.90 | -14.30 | -46.90 | -7.20 | -29.10 | -30.31 | -31.57 | -32.88 | -34.24 |
| WACC | ||||||||||
| PV LFCF | -27.71 | -27.48 | -27.25 | -27.03 | -26.80 | |||||
| SUM PV LFCF | -136.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.02 |
| Free cash flow (t + 1) | -34.93 |
| Terminal Value | -1,156.48 |
| Present Value of Terminal Value | -905.27 |
Intrinsic Value
| Enterprise Value | -1,041.55 |
|---|---|
| Net Debt | 563.60 |
| Equity Value | -1,605.15 |
| Shares Outstanding | 14.95 |
| Equity Value Per Share | -107.35 |