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
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 | -12.72 | 21.05 | 612.44 | 17,821.67 | 518,597.35 | 15,090,797.32 | 439,130,981.47 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -1,389.14 | 55 | -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 | -0.37 | 0.62 | 17.97 | 522.82 | 15,213.58 | 442,703.93 | 12,882,355.26 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5.17 | -0.16 | -18.61 | -1.95 | 3.23 | 93.95 | 2,733.74 | 79,549.76 | 2,314,838.97 | 67,360,092.90 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 1.75 | 6.20 | 7.25 | 7.12 | 1.06 | -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 | -12.72 | 21.05 | 612.44 | 17,821.67 | 518,597.35 | 15,090,797.32 | 439,130,981.47 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -1,389.14 | 55 | -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 | - | 5.32 | 18.45 | -16.65 | -5.18 | -90.72 | -2,639.79 | -76,816.02 | -2,235,289.21 | -65,045,253.93 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 4.45 | 1.05 | -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 |