Discounted Cash Flow (DCF) Analysis Unlevered

BP Midstream Partners LP (BPMP)

$17.11

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.12 | 17.11 | undervalue

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 108.15116.44128.47128.90119122.17125.42128.76132.19135.71
Revenue (%)
EBITDA 49.87139.76185.64178.80178146.34150.24154.24158.35162.56
EBITDA (%)
EBIT 47.20137.10183.01176.30175.40143.67147.50151.42155.46159.60
EBIT (%)
Depreciation 2.672.662.632.502.602.672.742.812.892.97
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 32.6956.9798.83645.90136188.50193.51198.67203.96209.39
Total Cash (%)
Account Receivables 9.6710.0911.8811.201110.9411.2311.5311.8412.16
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.543.162.273.8012.592.662.732.812.88
Accounts Payable (%)
Capital Expenditure -2.26-1.60-1.08-3.50-2.09-2.14-2.20-2.26-2.32-2.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.11
Beta 1.056
Diluted Shares Outstanding 104.80
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.676
Total Debt 468
Total Equity 1,793.13
Total Capital 2,261.13
Debt Weighting 20.70
Equity Weighting 79.30
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 108.15116.44128.47128.90119122.17125.42128.76132.19135.71
EBITDA 49.87139.76185.64178.80178146.34150.24154.24158.35162.56
EBIT 47.20137.10183.01176.30175.40143.67147.50151.42155.46159.60
Tax Rate 76.91%19.69%10.25%10.57%0.00%23.48%23.48%23.48%23.48%23.48%
EBIAT 10.90110.11164.24157.67175.40109.93112.86115.86118.95122.12
Depreciation 2.672.662.632.502.602.672.742.812.892.97
Accounts Receivable --0.43-1.780.680.200.06-0.29-0.30-0.31-0.32
Inventories ----------
Accounts Payable -0.62-0.891.53-2.801.590.070.070.070.07
Capital Expenditure -2.26-1.60-1.08-3.50-2.09-2.14-2.20-2.26-2.32-2.38
UFCF 11.32111.36163.12158.88173.31112.11113.18116.19119.28122.46
WACC
PV UFCF 104.7298.7494.6990.8087.07
SUM PV UFCF 476.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.06
Free cash flow (t + 1) 124.91
Terminal Value 2,468.55
Present Value of Terminal Value 1,755.12

Intrinsic Value

Enterprise Value 2,231.13
Net Debt 332
Equity Value 1,899.13
Shares Outstanding 104.80
Equity Value Per Share 18.12