Discounted Cash Flow (DCF) Analysis Unlevered

Macquarie Infrastructure Holdings, ... (MIC)

$4.09

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.23 | 4.09 | 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 1,814.711,761.531,727847235.98160.48109.1374.2150.4734.32
Revenue (%)
EBITDA 630.07560.57603-6032,706.49377.82256.93174.72118.8280.80
EBITDA (%)
EBIT 327.65298.60349-7192,690.76356.44242.39164.84112.0976.23
EBIT (%)
Depreciation 302.42261.9725411615.7421.3814.549.896.724.57
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 47.12588.563571,82847.2693.8963.8543.4229.5320.08
Total Cash (%)
Account Receivables 158.1595.16974727.8211.908.095.503.742.54
Account Receivables (%)
Inventories 36.9529.26311711.7042.721.851.260.86
Inventories (%)
Accounts Payable 60.5838.1867306.174.993.392.311.571.07
Accounts Payable (%)
Capital Expenditure -340.95-177.16-260-54-14.26-18.08-12.29-8.36-5.68-3.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.09
Beta 0.872
Diluted Shares Outstanding 86.95
Cost of Debt
Tax Rate 971.04
After-tax Cost of Debt -115.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.079
Total Debt 111.37
Total Equity 355.63
Total Capital 467
Debt Weighting 23.85
Equity Weighting 76.15
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 1,814.711,761.531,727847235.98160.48109.1374.2150.4734.32
EBITDA 630.07560.57603-6032,706.49377.82256.93174.72118.8280.80
EBIT 327.65298.60349-7192,690.76356.44242.39164.84112.0976.23
Tax Rate -103.28%-19.67%-11.43%-1,074.68%971.04%-47.60%-47.60%-47.60%-47.60%-47.60%
EBIAT 666.06357.34388.89-8,445.97-23,437.65526.12357.78243.30165.46112.52
Depreciation 302.42261.9725411615.7421.3814.549.896.724.57
Accounts Receivable -62.99-1.845019.1815.933.812.591.761.20
Inventories -7.70-1.74145.307.701.280.870.590.40
Accounts Payable --22.4128.82-37-23.83-1.18-1.60-1.09-0.74-0.50
Capital Expenditure -340.95-177.16-260-54-14.26-18.08-12.29-8.36-5.68-3.87
UFCF 627.52490.44408.12-8,356.97-23,435.53551.87363.52247.21168.11114.32
WACC
PV UFCF 701.14586.77506.95438378.42
SUM PV UFCF 2,611.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -21.29
Free cash flow (t + 1) 116.61
Terminal Value -500.67
Present Value of Terminal Value -1,657.31

Intrinsic Value

Enterprise Value 953.97
Net Debt 64.11
Equity Value 889.86
Shares Outstanding 86.95
Equity Value Per Share 10.23