Discounted Cash Flow (DCF) Analysis Unlevered

ClearBridge MLP and Midstream Fund ... (CEM)

$42.81

+0.66 (+1.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 65,375.54 | 42.81 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue -41.67-472.09176.25188.8483.02258.74806.442,513.487,833.8724,416.22
Revenue (%)
EBITDA -46.66-477.58172.78190.9477.22261.49814.992,540.127,916.9324,675.08
EBITDA (%)
EBIT -----261.49814.992,540.127,916.9324,675.08
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 2.704.357.6619.0519.7415.9449.69154.87482.681,504.39
Total Cash (%)
Account Receivables 1.680.310.540.800.91-1.18-3.67-11.44-35.65-111.12
Account Receivables (%)
Inventories 4.1211.349.696.911.34-0.78-2.43-7.57-23.60-73.55
Inventories (%)
Accounts Payable 5.421.361.251.980.88-5.42-16.90-52.66-164.14-511.59
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.81
Beta 0.000
Diluted Shares Outstanding 13.80
Cost of Debt
Tax Rate 21.49
After-tax Cost of Debt 4.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.159
Total Debt 199.32
Total Equity 590.61
Total Capital 789.93
Debt Weighting 25.23
Equity Weighting 74.77
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue -41.67-472.09176.25188.8483.02258.74806.442,513.487,833.8724,416.22
EBITDA -46.66-477.58172.78190.9477.22261.49814.992,540.127,916.9324,675.08
EBIT -----261.49814.992,540.127,916.9324,675.08
Tax Rate 9.44%0.82%-1.97%1.11%21.49%6.18%6.18%6.18%6.18%6.18%
EBIAT -----245.33764.642,383.197,427.8123,150.64
Depreciation ----------
Accounts Receivable -1.37-0.23-0.25-0.112.092.497.7724.2175.47
Inventories --7.231.662.785.572.121.655.1416.0349.95
Accounts Payable --4.07-0.110.74-1.10-6.30-11.48-35.77-111.48-347.45
Capital Expenditure ----------
UFCF -----243.24757.312,360.347,356.5822,928.61
WACC
PV UFCF 233.48697.762,087.476,245.0818,683.40
SUM PV UFCF 27,947.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.18
Free cash flow (t + 1) 23,387.18
Terminal Value 1,072,806.34
Present Value of Terminal Value 874,177.38

Intrinsic Value

Enterprise Value 902,124.57
Net Debt 199.32
Equity Value 901,925.25
Shares Outstanding 13.80
Equity Value Per Share 65,375.54