Discounted Cash Flow (DCF) Analysis Unlevered
First Trust MLP and Energy Income F... (FEI)
$7.53
+0.14 (+1.89%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | -43.85 | 32.93 | -201.40 | 99.14 | 52.11 | -89.02 | 152.09 | -259.84 | 443.94 | -758.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -39.15 | 38.74 | -199.66 | 99.42 | 53.50 | -90.62 | 154.83 | -264.53 | 451.94 | -772.13 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -90.62 | 154.83 | -264.53 | 451.94 | -772.13 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 26.43 | 9.83 | 12.73 | 0.90 | 2.64 | 5.48 | -9.35 | 15.98 | -27.30 | 46.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.76 | 9.33 | 6.96 | 1.78 | 2.17 | -3.56 | 6.08 | -10.39 | 17.76 | -30.34 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.97 | 0.52 | 2.93 | 0.05 | 0.25 | 0.27 | -0.47 | 0.80 | -1.36 | 2.33 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.53 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 45.62 |
| Cost of Debt | |
| Tax Rate | -29.47 |
| After-tax Cost of Debt | 1.95% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.691 |
| Total Debt | 107 |
| Total Equity | 343.52 |
| Total Capital | 450.52 |
| Debt Weighting | 23.75 |
| Equity Weighting | 76.25 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | -43.85 | 32.93 | -201.40 | 99.14 | 52.11 | -89.02 | 152.09 | -259.84 | 443.94 | -758.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -39.15 | 38.74 | -199.66 | 99.42 | 53.50 | -90.62 | 154.83 | -264.53 | 451.94 | -772.13 |
| EBIT | - | - | - | - | - | -90.62 | 154.83 | -264.53 | 451.94 | -772.13 |
| Tax Rate | 11.62% | -9.81% | -7.72% | -23.61% | -29.47% | -11.80% | -11.80% | -11.80% | -11.80% | -11.80% |
| EBIAT | - | - | - | - | - | -101.32 | 173.10 | -295.73 | 505.25 | -863.22 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -4.57 | 2.37 | 5.18 | -0.39 | 5.73 | -9.65 | 16.48 | -28.15 | 48.10 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.44 | 2.40 | -2.88 | 0.20 | 0.02 | -0.74 | 1.26 | -2.16 | 3.69 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -95.56 | 162.71 | -277.99 | 474.94 | -811.43 |
| WACC | ||||||||||
| PV UFCF | -92.53 | 152.54 | -252.34 | 417.42 | -690.51 | |||||
| SUM PV UFCF | -465.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.28 |
| Free cash flow (t + 1) | -827.65 |
| Terminal Value | -64,660.52 |
| Present Value of Terminal Value | -55,024.75 |
Intrinsic Value
| Enterprise Value | -55,490.15 |
|---|---|
| Net Debt | 104.36 |
| Equity Value | -55,594.51 |
| Shares Outstanding | 45.62 |
| Equity Value Per Share | -1,218.62 |