Discounted Cash Flow (DCF) Analysis Unlevered

Uniti S.A (ALUNT.PA)

2.1 €

-0.02 (-0.94%)
All numbers are in Millions, Currency in USD
Stock DCF: 132,879.84 | 2.1 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 27.9251.7495.88177.68329.28610.201,130.792,095.523,883.327,196.39
Revenue (%)
EBITDA 1.481.844.257.8714.5827.0250.0892.80171.97318.70
EBITDA (%)
EBIT 1.481.844.257.8714.6827.2050.4193.42173.12320.82
EBIT (%)
Depreciation -----0.10-0.18-0.33-0.62-1.14-2.12
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2.257.0210.3719.2135.6165.98122.28226.59419.91778.17
Total Cash (%)
Account Receivables 34.3556.04110.91205.53380.87705.821,307.992,423.904,491.868,324.09
Account Receivables (%)
Inventories 35.5110.2619.0135.2265.27120.96224.16415.41769.81
Inventories (%)
Accounts Payable 9.4314.4829.6154.87101.68188.43349.19647.111,199.192,222.29
Accounts Payable (%)
Capital Expenditure -0.24-0.01-0.42-0.78-1.45-2.68-4.97-9.21-17.07-31.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.1
Beta -0.210
Diluted Shares Outstanding 10.13
Cost of Debt
Tax Rate -111.25
After-tax Cost of Debt 1.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.700
Total Debt 80.61
Total Equity 21.27
Total Capital 101.89
Debt Weighting 79.12
Equity Weighting 20.88
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 27.9251.7495.88177.68329.28610.201,130.792,095.523,883.327,196.39
EBITDA 1.481.844.257.8714.5827.0250.0892.80171.97318.70
EBIT 1.481.844.257.8714.6827.2050.4193.42173.12320.82
Tax Rate 78.95%52.13%6.61%6.61%-111.25%6.61%6.61%6.61%6.61%6.61%
EBIAT 0.310.883.977.3531.0125.4047.0887.24161.68299.61
Depreciation -----0.10-0.18-0.33-0.62-1.14-2.12
Accounts Receivable --21.69-54.87-94.62-175.35-324.94-602.17-1,115.91-2,067.96-3,832.24
Inventories --2.51-4.75-8.75-16.22-30.05-55.69-103.20-191.24-354.40
Accounts Payable -5.0515.1325.2646.8186.75160.76297.92552.081,023.09
Capital Expenditure -0.24-0.01-0.42-0.78-0.08-2.68-4.97-9.21-17.07-31.63
UFCF 0.07-18.28-40.94-71.54-115.28-245.70-455.32-843.78-1,563.65-2,897.68
WACC
PV UFCF -42.43-72.83-115.28-241.36-439.36-799.81-1,455.96-2,650.40
SUM PV UFCF -5,586.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.80
Free cash flow (t + 1) -2,955.64
Terminal Value 1,477,818.29
Present Value of Terminal Value 1,351,705.71

Intrinsic Value

Enterprise Value 1,346,118.82
Net Debt 46.06
Equity Value 1,346,072.77
Shares Outstanding 10.13
Equity Value Per Share 132,879.84