Discounted Cash Flow (DCF) Analysis Unlevered
ClearBridge MLP and Midstream Total... (CTR)
$30.73
-0.30 (-0.97%)
All numbers are in Millions, Currency in USD
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 | 0.42 | 0.27 | 0.52 | 0.13 | 8.08 | 26.47 | 86.71 | 284.08 | 930.68 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 1.14 | 1.08 | 1.07 | 0.34 | 24.06 | 78.83 | 258.27 | 846.15 | 2,772.13 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 30.73 |
|---|---|
| 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 | 12.512 |
| Total Debt | 45.22 |
| Total Equity | 236.82 |
| Total Capital | 282.05 |
| Debt Weighting | 16.03 |
| Equity Weighting | 83.97 |
| 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 | -0.25 | 0.40 | -7.95 | -18.39 | -60.24 | -197.37 | -646.61 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.06 | -0.01 | -0.73 | 23.72 | 54.77 | 179.44 | 587.88 | 1,925.98 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | -413.88 | -1,371.24 | -4,492.42 | -14,717.95 | -48,218.58 |
| WACC | |||||||||
| PV UFCF | -413.88 | -1,224.76 | -3,583.89 | -10,487.18 | -30,687.59 | ||||
| SUM PV UFCF | -41,440.96 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.96 |
| Free cash flow (t + 1) | -49,182.95 |
| Terminal Value | -493,804.71 |
| Present Value of Terminal Value | -280,698.94 |
Intrinsic Value
| Enterprise Value | -322,139.90 |
|---|---|
| Net Debt | 45.22 |
| Equity Value | -322,185.13 |
| Shares Outstanding | 7.71 |
| Equity Value Per Share | -41,806.62 |