Discounted Cash Flow (DCF) Analysis Unlevered

Borr Drilling Limited (BORR)

$3.97

+0.01 (+0.25%)
All numbers are in Millions, Currency in USD
Stock DCF: -623,956,750,640,714,752.00 | 3.97 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.10164.90334.10307.50245.30101,354.5441,878,280.5817,303,521,155.617,149,573,484,358.472,954,103,997,015,611
Revenue (%)
EBITDA -39.60-94.80-114.60-96.1029.20-8,049,808.20-3,326,068,419.94-1,374,285,058,429.14-567,835,409,066,872.75-234,621,667,326,209,888
EBITDA (%)
EBIT -87.50-174.30-216-214-90.40-17,793,153.54-7,351,882,754.17-3,037,695,364,233.39-1,255,133,335,831,831.50-518,603,579,959,015,232
EBIT (%)
Depreciation 47.9079.50101.40117.90119.609,743,345.344,025,814,334.231,663,410,305,804.25687,297,926,764,958.75283,981,912,632,805,312
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 168.4032.1059.1019.2034.9034,147,889.7614,109,431,540.565,829,820,226,449.102,408,800,366,974,767.50995,282,698,703,717,120
Total Cash (%)
Account Receivables 5.1088110.509999.201,066,062.23440,482,037.27182,001,031,215.9575,200,286,416,000.7331,071,708,985,750,784
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 9.609.6014.1020.4034.701,952,255.04806,644,539.76333,294,267,733.56137,712,540,565,971.2856,900,900,090,771,520
Accounts Payable (%)
Capital Expenditure -1,057.30-393.60-271.80-42.40-18.90-214,393,537.57-88,584,418,028.46-36,601,845,402,901.20-15,123,371,770,275,614-6,248,766,180,621,059,072
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.97
Beta 3.211
Diluted Shares Outstanding 134.73
Cost of Debt
Tax Rate -5.29
After-tax Cost of Debt 4.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.007
Total Debt 1,915.90
Total Equity 534.86
Total Capital 2,450.76
Debt Weighting 78.18
Equity Weighting 21.82
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.10164.90334.10307.50245.30101,354.5441,878,280.5817,303,521,155.617,149,573,484,358.472,954,103,997,015,611
EBITDA -39.60-94.80-114.60-96.1029.20-8,049,808.20-3,326,068,419.94-1,374,285,058,429.14-567,835,409,066,872.75-234,621,667,326,209,888
EBIT -87.50-174.30-216-214-90.40-17,793,153.54-7,351,882,754.17-3,037,695,364,233.39-1,255,133,335,831,831.50-518,603,579,959,015,232
Tax Rate 0.00%-1.11%-3.37%-5.37%-5.29%-3.03%-3.03%-3.03%-3.03%-3.03%
EBIAT -87.50-176.24-223.28-225.50-95.18-18,332,309.70-7,574,654,556.25-3,129,741,564,245.18-1,293,165,541,243,776.75-534,317,956,525,469,632
Depreciation 47.9079.50101.40117.90119.609,743,345.344,025,814,334.231,663,410,305,804.25687,297,926,764,958.75283,981,912,632,805,312
Accounts Receivable --82.90-22.5011.50-0.20-1,065,963.03-439,415,975.04-181,560,549,178.68-75,018,285,384,784.77-30,996,508,699,334,788
Inventories ----------
Accounts Payable --04.506.3014.301,952,220.34804,692,284.72332,487,623,193.80137,379,246,298,237.7356,763,187,550,205,544
Capital Expenditure -1,057.30-393.60-271.80-42.40-18.90-214,393,537.57-88,584,418,028.46-36,601,845,402,901.20-15,123,371,770,275,614-6,248,766,180,621,059,072
UFCF -1,096.90-573.24-411.68-132.2019.62-222,096,244.62-91,767,981,940.79-37,917,249,587,327-15,666,878,423,840,980-6,473,335,545,662,852,096
WACC
PV UFCF -206,179,209.64-79,085,796,299.87-30,335,264,993,044.24-11,635,822,679,320,842-4,463,200,484,836,448,256
SUM PV UFCF -4,474,866,722,072,737,792

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.72
Free cash flow (t + 1) -6,602,802,256,576,109,568
Terminal Value -115,433,605,884,197,748,736
Present Value of Terminal Value -79,588,540,114,216,419,328

Intrinsic Value

Enterprise Value -84,063,406,836,289,159,168
Net Debt 1,881
Equity Value -84,063,406,836,289,159,168
Shares Outstanding 134.73
Equity Value Per Share -623,956,750,640,714,752.00