Discounted Cash Flow (DCF) Analysis Unlevered

Goldman Sachs MLP and Energy Renais... (GER)

$12

+0.02 (+0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.48 | 12 | 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 -67.9030.82-81.67-208.0957.63-122.50-0.520.11-0.02
Revenue (%)
EBITDA -61.0336.12-75.22-170.1956.43-11.502.39-0.500.10-0.02
EBITDA (%)
EBIT ----56.43-11.502.39-0.500.10-0.02
EBIT (%)
Depreciation ----------
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 2.784.314.56-30.83-0.170.04-0.010-0
Total Cash (%)
Account Receivables 1.193.672.130.1710.29-0.610.13-0.030.01-0
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.666.076.340.0410.64-0.640.13-0.030.01-0
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12
Beta 2.372
Diluted Shares Outstanding 8.80
Cost of Debt
Tax Rate -0.04
After-tax Cost of Debt 0.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.001
Total Debt 22.50
Total Equity 105.63
Total Capital 128.13
Debt Weighting 17.56
Equity Weighting 82.44
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 -67.9030.82-81.67-208.0957.63-122.50-0.520.11-0.02
EBITDA -61.0336.12-75.22-170.1956.43-11.502.39-0.500.10-0.02
EBIT ----56.43-11.502.39-0.500.10-0.02
Tax Rate -0.00%-4.01%0.42%0.00%-0.04%-0.73%-0.73%-0.73%-0.73%-0.73%
EBIAT ----56.45-11.582.41-0.500.10-0.02
Depreciation ----------
Accounts Receivable --2.491.541.96-10.1210.90-0.730.15-0.030.01
Inventories ----------
Accounts Payable -3.410.27-6.3010.60-11.280.77-0.160.03-0.01
Capital Expenditure ----------
UFCF ----56.93-11.962.44-0.510.11-0.02
WACC
PV UFCF -10.631.93-0.360.07-0.01
SUM PV UFCF -9

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.51
Free cash flow (t + 1) -0.02
Terminal Value -0.21
Present Value of Terminal Value -0.12

Intrinsic Value

Enterprise Value -9.12
Net Debt 21.48
Equity Value -30.60
Shares Outstanding 8.80
Equity Value Per Share -3.48