Discounted Cash Flow (DCF) Analysis Unlevered
MasTec, Inc. (MTZ)
$81.81
-0.42 (-0.51%)
All numbers are in Millions, Currency in USD
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 | 6,606.98 | 6,909.42 | 7,183.19 | 6,320.97 | 7,951.78 | 8,395.82 | 8,864.65 | 9,359.67 | 9,882.33 | 10,434.17 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 619.22 | 661.23 | 821.69 | 782.69 | 904.42 | 909.06 | 959.82 | 1,013.42 | 1,070.01 | 1,129.76 |
EBITDA (%) | ||||||||||
EBIT | 431.17 | 448.30 | 586.20 | 484.94 | 627.76 | 616.95 | 651.40 | 687.78 | 726.18 | 766.73 |
EBIT (%) | ||||||||||
Depreciation | 188.05 | 212.93 | 235.48 | 297.75 | 276.66 | 292.11 | 308.42 | 325.64 | 343.82 | 363.02 |
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 | 40.33 | 27.42 | 71.43 | 423.12 | 0 | 146.01 | 154.16 | 162.77 | 171.86 | 181.46 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,598 | 1,924 | 1,874.87 | 1,754.24 | 2,104.96 | 2,222.50 | 2,346.61 | 2,477.65 | 2,616 | 2,762.08 |
Account Receivables (%) | ||||||||||
Inventories | 76.99 | 113.71 | 100.07 | 89.65 | 111.77 | 118.01 | 124.60 | 131.56 | 138.90 | 146.66 |
Inventories (%) | ||||||||||
Accounts Payable | 377.95 | 669.71 | 535.03 | 571.27 | 634.14 | 669.55 | 706.94 | 746.42 | 788.10 | 832.11 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -123.41 | -180.42 | -126.47 | -213.75 | -191.27 | -201.95 | -213.22 | -225.13 | -237.70 | -250.98 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 81.81 |
---|---|
Beta | 1.281 |
Diluted Shares Outstanding | 73.94 |
Cost of Debt | |
Tax Rate | 23.54 |
After-tax Cost of Debt | 1.99% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.875 |
Total Debt | 2,052.61 |
Total Equity | 6,049.11 |
Total Capital | 8,101.72 |
Debt Weighting | 25.34 |
Equity Weighting | 74.66 |
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 | 6,606.98 | 6,909.42 | 7,183.19 | 6,320.97 | 7,951.78 | 8,395.82 | 8,864.65 | 9,359.67 | 9,882.33 | 10,434.17 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 619.22 | 661.23 | 821.69 | 782.69 | 904.42 | 909.06 | 959.82 | 1,013.42 | 1,070.01 | 1,129.76 |
EBIT | 431.17 | 448.30 | 586.20 | 484.94 | 627.76 | 616.95 | 651.40 | 687.78 | 726.18 | 766.73 |
Tax Rate | 6.62% | 28.92% | 23.21% | 24.07% | 23.54% | 21.27% | 21.27% | 21.27% | 21.27% | 21.27% |
EBIAT | 402.63 | 318.66 | 450.13 | 368.24 | 479.98 | 485.71 | 512.84 | 541.47 | 571.71 | 603.64 |
Depreciation | 188.05 | 212.93 | 235.48 | 297.75 | 276.66 | 292.11 | 308.42 | 325.64 | 343.82 | 363.02 |
Accounts Receivable | - | -326 | 49.13 | 120.63 | -350.71 | -117.54 | -124.11 | -131.04 | -138.36 | -146.08 |
Inventories | - | -36.72 | 13.64 | 10.42 | -22.12 | -6.24 | -6.59 | -6.96 | -7.35 | -7.76 |
Accounts Payable | - | 291.76 | -134.68 | 36.24 | 62.87 | 35.41 | 37.39 | 39.48 | 41.68 | 44.01 |
Capital Expenditure | -123.41 | -180.42 | -126.47 | -213.75 | -191.27 | -201.95 | -213.22 | -225.13 | -237.70 | -250.98 |
UFCF | 467.26 | 280.21 | 487.22 | 619.53 | 255.40 | 487.50 | 514.72 | 543.46 | 573.81 | 605.85 |
WACC | ||||||||||
PV UFCF | 455.05 | 448.49 | 442.02 | 435.64 | 429.35 | |||||
SUM PV UFCF | 2,210.54 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.13 |
Free cash flow (t + 1) | 617.97 |
Terminal Value | 12,046.22 |
Present Value of Terminal Value | 8,536.80 |
Intrinsic Value
Enterprise Value | 10,747.35 |
---|---|
Net Debt | 2,052.61 |
Equity Value | 8,694.74 |
Shares Outstanding | 73.94 |
Equity Value Per Share | 117.59 |