Discounted Cash Flow (DCF) Analysis Unlevered
MasTec, Inc. (MTZ)
$76.6
-1.53 (-1.96%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 6,909.42 | 7,183.19 | 6,320.98 | 7,951.78 | 9,778.04 | 10,773.58 | 11,870.48 | 13,079.06 | 14,410.70 | 15,877.91 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 708.47 | 826.77 | 788.11 | 906.31 | 662.46 | 1,129.16 | 1,244.13 | 1,370.80 | 1,510.36 | 1,664.14 |
EBITDA (%) | ||||||||||
EBIT | 495.54 | 591.28 | 490.36 | 483.49 | 155.31 | 664.29 | 731.93 | 806.45 | 888.56 | 979.02 |
EBIT (%) | ||||||||||
Depreciation | 212.93 | 235.48 | 297.75 | 422.83 | 507.15 | 464.87 | 512.20 | 564.35 | 621.81 | 685.12 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 27.42 | 71.43 | 423.12 | 360.74 | 370.59 | 353.63 | 389.63 | 429.30 | 473.01 | 521.17 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,924 | 1,874.87 | 1,754.24 | 2,247.23 | 3,129.59 | 3,058.98 | 3,370.42 | 3,713.58 | 4,091.67 | 4,508.26 |
Account Receivables (%) | ||||||||||
Inventories | 113.71 | 100.07 | 89.65 | 92.59 | 117.97 | 147.12 | 162.10 | 178.61 | 196.79 | 216.83 |
Inventories (%) | ||||||||||
Accounts Payable | 669.71 | 535.03 | 571.27 | 663.06 | 1,109.87 | 988.32 | 1,088.95 | 1,199.82 | 1,321.98 | 1,456.57 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -180.42 | -126.47 | -213.75 | -170.07 | -263.35 | -271.18 | -298.79 | -329.21 | -362.73 | -399.66 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 76.6 |
---|---|
Beta | 1.430 |
Diluted Shares Outstanding | 76.19 |
Cost of Debt | |
Tax Rate | 22.54 |
After-tax Cost of Debt | 2.47% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.190 |
Total Debt | 3,514.68 |
Total Equity | 5,835.77 |
Total Capital | 9,350.45 |
Debt Weighting | 37.59 |
Equity Weighting | 62.41 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 6,909.42 | 7,183.19 | 6,320.98 | 7,951.78 | 9,778.04 | 10,773.58 | 11,870.48 | 13,079.06 | 14,410.70 | 15,877.91 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 708.47 | 826.77 | 788.11 | 906.31 | 662.46 | 1,129.16 | 1,244.13 | 1,370.80 | 1,510.36 | 1,664.14 |
EBIT | 495.54 | 591.28 | 490.36 | 483.49 | 155.31 | 664.29 | 731.93 | 806.45 | 888.56 | 979.02 |
Tax Rate | 28.92% | 23.21% | 24.07% | 23.54% | 22.54% | 24.46% | 24.46% | 24.46% | 24.46% | 24.46% |
EBIAT | 352.23 | 454.03 | 372.36 | 369.67 | 120.31 | 501.84 | 552.93 | 609.23 | 671.25 | 739.60 |
Depreciation | 212.93 | 235.48 | 297.75 | 422.83 | 507.15 | 464.87 | 512.20 | 564.35 | 621.81 | 685.12 |
Accounts Receivable | - | 49.13 | 120.63 | -492.98 | -882.36 | 70.61 | -311.45 | -343.16 | -378.09 | -416.59 |
Inventories | - | 13.64 | 10.42 | -2.95 | -25.37 | -29.15 | -14.98 | -16.50 | -18.18 | -20.04 |
Accounts Payable | - | -134.68 | 36.24 | 91.79 | 446.80 | -121.54 | 100.63 | 110.87 | 122.16 | 134.60 |
Capital Expenditure | -180.42 | -126.47 | -213.75 | -170.07 | -263.35 | -271.18 | -298.79 | -329.21 | -362.73 | -399.66 |
UFCF | 384.74 | 491.13 | 623.65 | 218.29 | -96.83 | 615.44 | 540.54 | 595.57 | 656.21 | 723.02 |
WACC | ||||||||||
PV UFCF | 570.33 | 464.20 | 473.97 | 483.95 | 494.13 | |||||
SUM PV UFCF | 2,486.57 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.91 |
Free cash flow (t + 1) | 737.48 |
Terminal Value | 12,478.55 |
Present Value of Terminal Value | 8,528.17 |
Intrinsic Value
Enterprise Value | 11,014.73 |
---|---|
Net Debt | 3,144.08 |
Equity Value | 7,870.65 |
Shares Outstanding | 76.19 |
Equity Value Per Share | 103.31 |