Discounted Cash Flow (DCF) Analysis Unlevered

ClearBridge MLP and Midstream Fund ... (CEM)

$32.14

+0.32 (+1.01%)
All numbers are in Millions, Currency in USD
Stock DCF: -13,460,919,345.95 | 32.14 | overvalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 33.68-1.03-121.29-12.7221.05612.4417,821.67518,597.3515,090,797.32439,130,981.47
Revenue (%)
EBITDA -1,389.1455-109.68-0.65-81.62-11,963.35-348,124.58-10,130,166.52-294,780,313.77-8,577,887,952.57
EBITDA (%)
EBIT ------11,963.35-348,124.58-10,130,166.52-294,780,313.77-8,577,887,952.57
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 0.99-0.03-3.56-0.370.6217.97522.8215,213.58442,703.9312,882,355.26
Total Cash (%)
Account Receivables 5.17-0.16-18.61-1.953.2393.952,733.7479,549.762,314,838.9767,360,092.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.756.207.257.121.06-802.13-23,341.47-679,219.42-19,764,780.03-575,140,403.15
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.14
Beta 2.910
Diluted Shares Outstanding 14.08
Cost of Debt
Tax Rate 9.44
After-tax Cost of Debt -7.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.577
Total Debt 400.83
Total Equity 452.63
Total Capital 853.46
Debt Weighting 46.97
Equity Weighting 53.03
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 33.68-1.03-121.29-12.7221.05612.4417,821.67518,597.3515,090,797.32439,130,981.47
EBITDA -1,389.1455-109.68-0.65-81.62-11,963.35-348,124.58-10,130,166.52-294,780,313.77-8,577,887,952.57
EBIT ------11,963.35-348,124.58-10,130,166.52-294,780,313.77-8,577,887,952.57
Tax Rate 0.98%-310.16%37.94%383.47%9.44%24.33%24.33%24.33%24.33%24.33%
EBIAT ------9,052.08-263,408.86-7,665,001.94-223,045,857.24-6,490,468,604.29
Depreciation ----------
Accounts Receivable -5.3218.45-16.65-5.18-90.72-2,639.79-76,816.02-2,235,289.21-65,045,253.93
Inventories ----------
Accounts Payable -4.451.05-0.12-6.07-803.19-22,539.34-655,877.95-19,085,560.61-555,375,623.12
Capital Expenditure ----------
UFCF ------9,945.99-288,587.99-8,397,695.91-244,366,707.06-7,110,889,481.34
WACC
PV UFCF -9,465.16-261,359.40-7,237,689.57-200,429,563.25-5,550,391,382.85
SUM PV UFCF -5,758,329,460.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.08
Free cash flow (t + 1) -7,253,107,270.96
Terminal Value -235,490,495,810.45
Present Value of Terminal Value -183,811,662,678.77

Intrinsic Value

Enterprise Value -189,569,992,139
Net Debt 400.83
Equity Value -189,569,992,539.83
Shares Outstanding 14.08
Equity Value Per Share -13,460,919,345.95