Discounted Cash Flow (DCF) Analysis Unlevered

ATN International, Inc. (ATNI)

$33.71

+0.17 (+0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 387.55 | 33.71 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 438.72455.44602.71725.74762.22879.571,014.991,171.261,351.591,559.68
Revenue (%)
EBITDA 115.23116.54130.87169.5313.18173.55200.27231.10266.68307.74
EBITDA (%)
EBIT 26.1028.2320.3621.37-141.09-0.07-0.08-0.09-0.10-0.12
EBIT (%)
Depreciation 89.1388.31110.51148.15154.26173.61200.34231.19266.78307.86
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 161.70103.9379.6054.66153.23176.83204.05235.47271.72313.55
Total Cash (%)
Account Receivables 35.9045.384.155.8037.4143.1849.8257.4966.3576.56
Account Receivables (%)
Inventories 5.255.5010.1817.9012.5014.4316.6519.2122.1725.58
Inventories (%)
Accounts Payable 74.0996.20151.46155.22161.08185.88214.49247.52285.63329.60
Accounts Payable (%)
Capital Expenditure -72.72-95.72-106.14-161.18-163.30-173.87-200.64-231.53-267.17-308.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 33.71
Beta 0.403
Diluted Shares Outstanding 15.60
Cost of Debt
Tax Rate 31.90
After-tax Cost of Debt 2.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.061
Total Debt 566.02
Total Equity 525.71
Total Capital 1,091.73
Debt Weighting 51.85
Equity Weighting 48.15
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 438.72455.44602.71725.74762.22879.571,014.991,171.261,351.591,559.68
EBITDA 115.23116.54130.87169.5313.18173.55200.27231.10266.68307.74
EBIT 26.1028.2320.3621.37-141.09-0.07-0.08-0.09-0.10-0.12
Tax Rate 67.61%861.29%8.28%5.87%31.90%194.99%194.99%194.99%194.99%194.99%
EBIAT 8.46-214.9318.6820.12-96.080.060.070.080.100.11
Depreciation 89.1388.31110.51148.15154.26173.61200.34231.19266.78307.86
Accounts Receivable --9.4841.23-1.66-31.61-5.76-6.65-7.67-8.85-10.21
Inventories --0.25-4.67-7.725.40-1.92-2.22-2.56-2.96-3.41
Accounts Payable -22.1155.263.765.8524.8028.6233.0238.1143.98
Capital Expenditure -72.72-95.72-106.14-161.18-163.30-173.87-200.64-231.53-267.17-308.31
UFCF 24.86-209.95114.861.47-125.4716.9219.5322.532630.01
WACC
PV UFCF 16.2117.9219.8121.9024.21
SUM PV UFCF 100.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.39
Free cash flow (t + 1) 31.21
Terminal Value 8,002.14
Present Value of Terminal Value 6,455.23

Intrinsic Value

Enterprise Value 6,555.28
Net Debt 511.36
Equity Value 6,043.92
Shares Outstanding 15.60
Equity Value Per Share 387.55