Discounted Cash Flow (DCF) Analysis Unlevered

Brookfield Infrastructure Corporati... (BIPC.TO)

$64.01

-0.79 (-1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 9,582.86 | 64.01 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,5611,6191,4301,6431,680.991,719.861,759.631,800.311,841.94
Revenue (%)
EBITDA 882933214567687.55703.45719.71736.35753.38
EBITDA (%)
EBIT 563625-69331378.19386.93395.88405.03414.40
EBIT (%)
Depreciation 319308283236309.36316.51323.83331.32338.98
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 99204192469255.99261.91267.97274.16280.50
Total Cash (%)
Account Receivables 3283563941,541690.66706.63722.97739.68756.79
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 6790505605344.56352.52360.67369.01377.55
Accounts Payable (%)
Capital Expenditure ---399-415-446.81-457.15-467.72-478.53-489.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 64.01
Beta 1.085
Diluted Shares Outstanding 69.75
Cost of Debt
Tax Rate 185.19
After-tax Cost of Debt -6.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.818
Total Debt 3,687
Total Equity 4,464.70
Total Capital 8,151.70
Debt Weighting 45.23
Equity Weighting 54.77
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,5611,6191,4301,6431,680.991,719.861,759.631,800.311,841.94
EBITDA 882933214567687.55703.45719.71736.35753.38
EBIT 563625-69331378.19386.93395.88405.03414.40
Tax Rate 75.21%76.60%1,591.89%185.19%482.22%482.22%482.22%482.22%482.22%
EBIAT 139.54146.231,029.41-281.96-1,445.52-1,478.95-1,513.14-1,548.13-1,583.93
Depreciation 319308283236309.36316.51323.83331.32338.98
Accounts Receivable --28-38-1,147850.34-15.97-16.34-16.72-17.10
Inventories ---------
Accounts Payable -23415100-260.447.978.158.348.53
Capital Expenditure ---399-415-446.81-457.15-467.72-478.53-489.60
UFCF 458.54449.231,290.41-1,507.96-993.08-1,627.58-1,665.22-1,703.72-1,743.11
WACC
PV UFCF -993.08-1,599.43-1,608.11-1,616.84-1,625.61
SUM PV UFCF -7,314.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.76
Free cash flow (t + 1) -1,777.98
Terminal Value 740,823.52
Present Value of Terminal Value 678,936.67

Intrinsic Value

Enterprise Value 671,622.33
Net Debt 3,218
Equity Value 668,404.33
Shares Outstanding 69.75
Equity Value Per Share 9,582.86