Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock Utilities, Infrastructure... (BUI)
$21.85
+0.29 (+1.35%)
All numbers are in Millions, Currency in USD
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 | 54.31 | -14.30 | 80.86 | 59.17 | 119.89 | -94.74 | 74.86 | -59.15 | 46.74 | -36.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 53.34 | -15.15 | 79.93 | 58.29 | 120.10 | -95.06 | 75.11 | -59.35 | 46.90 | -37.06 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -95.06 | 75.11 | -59.35 | 46.90 | -37.06 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | - | - | 0.06 | 0.30 | 0.59 | -0.34 | 0.27 | -0.21 | 0.17 | -0.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.88 | 0.89 | 1.06 | 1.69 | 1.51 | -0.16 | 0.13 | -0.10 | 0.08 | -0.06 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | 0.71 | 1.43 | -1.13 | 0.90 | -0.71 | 0.56 | -0.44 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21.85 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 18.05 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.810 |
| Total Debt | - |
| Total Equity | 394.31 |
| Total Capital | 394.31 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 54.31 | -14.30 | 80.86 | 59.17 | 119.89 | -94.74 | 74.86 | -59.15 | 46.74 | -36.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 53.34 | -15.15 | 79.93 | 58.29 | 120.10 | -95.06 | 75.11 | -59.35 | 46.90 | -37.06 |
| EBIT | - | - | - | - | - | -95.06 | 75.11 | -59.35 | 46.90 | -37.06 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -95.06 | 75.11 | -59.35 | 46.90 | -37.06 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.01 | -0.17 | -0.63 | 0.18 | 1.67 | -0.29 | 0.23 | -0.18 | 0.14 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | 0.73 | -2.57 | 2.03 | -1.60 | 1.27 | -1 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -95.96 | 76.86 | -60.73 | 47.99 | -37.92 |
| WACC | ||||||||||
| PV UFCF | -92.44 | 71.32 | -54.29 | 41.32 | -31.45 | |||||
| SUM PV UFCF | -65.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.81 |
| Free cash flow (t + 1) | -38.68 |
| Terminal Value | -2,136.88 |
| Present Value of Terminal Value | -1,772.49 |
Intrinsic Value
| Enterprise Value | -1,838.03 |
|---|---|
| Net Debt | -0.59 |
| Equity Value | -1,837.44 |
| Shares Outstanding | 18.05 |
| Equity Value Per Share | -101.82 |