Discounted Cash Flow (DCF) Analysis Unlevered

Miller/Howard High Income Equity Fu... (HIE)

$8.9

-0.24 (-2.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,262,861,477.40 | 8.9 | undervalue

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 23.39-0.1514.83-50.7087.52-2,221.9856,411.88-1,432,190.6736,360,608.38-923,126,975.14
Revenue (%)
EBITDA 22.89-0.5014.81-51.5886.52-3,200.9881,266.77-2,063,209.4652,380,980.08-1,329,853,867.93
EBITDA (%)
EBIT ------3,200.9881,266.77-2,063,209.4652,380,980.08-1,329,853,867.93
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 0.14-00.09-0.290.51-12.87326.87-8,298.49210,682.82-5,348,837.71
Total Cash (%)
Account Receivables 0.984.104.842.759.7011,651.68-295,814.157,510,161.01-190,668,762.894,840,718,738.26
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.225.790.302.032.8316,698.07-423,932.4710,762,842.49-273,248,184.526,937,253,837.28
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.9
Beta 0.000
Diluted Shares Outstanding 18.79
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.964
Total Debt 50.50
Total Equity 167.19
Total Capital 217.69
Debt Weighting 23.20
Equity Weighting 76.80
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 23.39-0.1514.83-50.7087.52-2,221.9856,411.88-1,432,190.6736,360,608.38-923,126,975.14
EBITDA 22.89-0.5014.81-51.5886.52-3,200.9881,266.77-2,063,209.4652,380,980.08-1,329,853,867.93
EBIT ------3,200.9881,266.77-2,063,209.4652,380,980.08-1,329,853,867.93
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------3,200.9881,266.77-2,063,209.4652,380,980.08-1,329,853,867.93
Depreciation ----------
Accounts Receivable --3.12-0.742.09-6.94-11,641.99307,465.83-7,805,975.16198,178,923.90-5,031,387,501.14
Inventories ----------
Accounts Payable -5.56-5.491.730.8016,695.25-440,630.5511,186,774.96-284,011,0277,210,502,021.80
Capital Expenditure ----------
UFCF -----1,852.28-51,897.941,317,590.34-33,451,123.02849,260,652.73
WACC
PV UFCF 1,794.50-48,710.481,198,088.33-29,468,313.64724,805,916.03
SUM PV UFCF 696,488,774.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.22
Free cash flow (t + 1) 866,245,865.78
Terminal Value 71,003,759,490.24
Present Value of Terminal Value 60,598,527,405.68

Intrinsic Value

Enterprise Value 61,295,016,180.42
Net Debt 50.31
Equity Value 61,295,016,130.11
Shares Outstanding 18.79
Equity Value Per Share 3,262,861,477.40