Discounted Cash Flow (DCF) Analysis Unlevered

ClearBridge MLP and Midstream Total... (CTR)

$30.27

-0.33 (-1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -41,101.30 | 30.27 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -44.68-11.73-23.62-178.36-584.33-1,914.37-6,271.81-20,547.54-67,317.36
Revenue (%)
EBITDA -40-6.64-18.98-176.12-475.18-1,556.78-5,100.27-16,709.39-54,742.88
EBITDA (%)
EBIT -----475.18-1,556.78-5,100.27-16,709.39-54,742.88
EBIT (%)
Depreciation ---------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash ---------
Total Cash (%)
Account Receivables 0.420.270.520.138.0826.4786.71284.08930.68
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 1.141.081.070.3424.0678.83258.27846.152,772.13
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.27
Beta 1.903
Diluted Shares Outstanding 7.71
Cost of Debt
Tax Rate -3.92
After-tax Cost of Debt 9.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.683
Total Debt 45.22
Total Equity 233.28
Total Capital 278.50
Debt Weighting 16.24
Equity Weighting 83.76
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -44.68-11.73-23.62-178.36-584.33-1,914.37-6,271.81-20,547.54-67,317.36
EBITDA -40-6.64-18.98-176.12-475.18-1,556.78-5,100.27-16,709.39-54,742.88
EBIT -----475.18-1,556.78-5,100.27-16,709.39-54,742.88
Tax Rate 35.31%7.26%-0.33%-3.92%9.58%9.58%9.58%9.58%9.58%
EBIAT -----429.65-1,407.62-4,611.61-15,108.46-49,497.96
Depreciation ---------
Accounts Receivable -0.14-0.250.40-7.95-18.39-60.24-197.37-646.61
Inventories ---------
Accounts Payable --0.06-0.01-0.7323.7254.77179.44587.881,925.98
Capital Expenditure ---------
UFCF -----413.88-1,371.24-4,492.42-14,717.95-48,218.58
WACC
PV UFCF -413.88-1,223.34-3,575.58-10,450.73-30,545.48
SUM PV UFCF -41,224.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.09
Free cash flow (t + 1) -49,182.95
Terminal Value -487,442.51
Present Value of Terminal Value -275,479.35

Intrinsic Value

Enterprise Value -316,704.27
Net Debt 45.22
Equity Value -316,749.49
Shares Outstanding 7.71
Equity Value Per Share -41,101.30