Discounted Cash Flow (DCF) Analysis Unlevered

CyrusOne Inc. (CONE)

$90.36

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,650.66 | 90.36 | overvalue

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 672821.40981.301,033.501,205.701,397.651,620.151,878.082,177.082,523.67
Revenue (%)
EBITDA 246.50430.60537.40544.90584.20684.97794.02920.431,066.961,236.83
EBITDA (%)
EBIT -12.4096.50119.7095.5085107.32124.40144.20167.16193.77
EBIT (%)
Depreciation 258.90334.10417.70449.40499.20577.66669.62776.23899.801,043.05
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 151.90262.50211.50271.40346.30366.46424.79492.42570.82661.69
Total Cash (%)
Account Receivables 90.50106.20291.90334.20420.40344.79399.68463.31537.07622.57
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 255.20121.30122.70151.30192.80268.01310.67360.13417.47483.93
Accounts Payable (%)
Capital Expenditure -1,406.80-1,719.56-2,054.30-2,163.58-2,524.08-2,925.91-3,391.72-3,931.68-4,557.60-5,283.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 90.36
Beta 0.384
Diluted Shares Outstanding 123.90
Cost of Debt
Tax Rate -24.02
After-tax Cost of Debt 1.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.557
Total Debt 3,828.60
Total Equity 11,195.60
Total Capital 15,024.20
Debt Weighting 25.48
Equity Weighting 74.52
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 672821.40981.301,033.501,205.701,397.651,620.151,878.082,177.082,523.67
EBITDA 246.50430.60537.40544.90584.20684.97794.02920.431,066.961,236.83
EBIT -12.4096.50119.7095.5085107.32124.40144.20167.16193.77
Tax Rate -3.73%33.33%-9.81%-9.52%-24.02%-2.75%-2.75%-2.75%-2.75%-2.75%
EBIAT -12.8664.33131.45104.60105.42110.27127.82148.17171.76199.10
Depreciation 258.90334.10417.70449.40499.20577.66669.62776.23899.801,043.05
Accounts Receivable --15.70-185.70-42.30-86.2075.61-54.89-63.63-73.76-85.50
Inventories ----------
Accounts Payable --133.901.4028.6041.5075.2142.6749.4657.3366.46
Capital Expenditure -1,406.80-1,719.56-2,054.30-2,163.58-2,524.08-2,925.91-3,391.72-3,931.68-4,557.60-5,283.18
UFCF -1,160.76-1,470.73-1,689.46-1,623.29-1,964.16-2,087.17-2,606.50-3,021.45-3,502.47-4,060.06
WACC
PV UFCF -2,010.18-2,417.75-2,699.28-3,013.58-3,364.49
SUM PV UFCF -13,505.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.83
Free cash flow (t + 1) -4,141.27
Terminal Value -226,298.64
Present Value of Terminal Value -187,528.67

Intrinsic Value

Enterprise Value -201,033.94
Net Debt 3,482.30
Equity Value -204,516.24
Shares Outstanding 123.90
Equity Value Per Share -1,650.66