Discounted Cash Flow (DCF) Analysis Unlevered

Liberty Broadband Corporation (LBRDK)

$73.8

-2.42 (-3.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 29,095,095.58 | 73.8 | 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 13.0922.2614.8650.719886,240.4539,416.15248,961.871,572,502.989,932,306.45
Revenue (%)
EBITDA 2,473.94117.96182.20404.561,334269,408.091,701,646.1710,748,005.8467,886,985.79428,790,503.93
EBITDA (%)
EBIT 2,470.17115.18180.32389.331,067268,023.261,692,899.2910,692,758.4067,538,029.72426,586,413.59
EBIT (%)
Depreciation 3.772.781.8815.232671,384.828,746.8955,247.44348,956.072,204,090.34
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 81.2683.1049.7217,596.74191449,954.792,842,022.5117,950,896.60113,382,173.47716,149,034.08
Total Cash (%)
Account Receivables ---349.2620622,142.24139,855.70883,362.215,579,527.8335,241,637.62
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.383.504.2214.41280.821,773.7111,203.1570,761.82446,948.622,823,034.83
Accounts Payable (%)
Capital Expenditure -0.07-0.04-0.50-1.82-134-264.99-1,673.77-10,571.91-66,774.74-421,765.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 73.8
Beta 0.922
Diluted Shares Outstanding 182.59
Cost of Debt
Tax Rate 22.95
After-tax Cost of Debt 2.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.158
Total Debt 3,850
Total Equity 13,475.07
Total Capital 17,325.07
Debt Weighting 22.22
Equity Weighting 77.78
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 13.0922.2614.8650.719886,240.4539,416.15248,961.871,572,502.989,932,306.45
EBITDA 2,473.94117.96182.20404.561,334269,408.091,701,646.1710,748,005.8467,886,985.79428,790,503.93
EBIT 2,470.17115.18180.32389.331,067268,023.261,692,899.2910,692,758.4067,538,029.72426,586,413.59
Tax Rate 17.01%23.86%24.45%-10.09%22.95%15.64%15.64%15.64%15.64%15.64%
EBIAT 2,049.9187.69136.23428.63822.15226,113.241,428,185.549,020,762.8256,977,304.14359,882,334.89
Depreciation 3.772.781.8815.232671,384.828,746.8955,247.44348,956.072,204,090.34
Accounts Receivable ----143.26-21,936.24-117,713.46-743,506.51-4,696,165.63-29,662,109.78
Inventories ----------
Accounts Payable --1.880.7210.19266.401,492.899,429.4559,558.66376,186.812,376,086.21
Capital Expenditure -0.07-0.04-0.50-1.82-134-264.99-1,673.77-10,571.91-66,774.74-421,765.26
UFCF 2,053.6188.56138.32452.231,364.81206,789.721,326,974.648,381,490.5052,939,506.66334,378,636.40
WACC
PV UFCF 193,496.511,161,852.526,866,79140,584,168.48239,860,909.13
SUM PV UFCF 288,667,217.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.87
Free cash flow (t + 1) 341,066,209.13
Terminal Value 7,003,412,918.38
Present Value of Terminal Value 5,023,780,848.33

Intrinsic Value

Enterprise Value 5,312,448,065.98
Net Debt 3,659
Equity Value 5,312,444,406.98
Shares Outstanding 182.59
Equity Value Per Share 29,095,095.58