Discounted Cash Flow (DCF) Analysis Unlevered

MasTec, Inc. (MTZ)

$76.6

-1.53 (-1.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.31 | 76.6 | undervalue

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 6,909.427,183.196,320.987,951.789,778.0410,773.5811,870.4813,079.0614,410.7015,877.91
Revenue (%)
EBITDA 708.47826.77788.11906.31662.461,129.161,244.131,370.801,510.361,664.14
EBITDA (%)
EBIT 495.54591.28490.36483.49155.31664.29731.93806.45888.56979.02
EBIT (%)
Depreciation 212.93235.48297.75422.83507.15464.87512.20564.35621.81685.12
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 27.4271.43423.12360.74370.59353.63389.63429.30473.01521.17
Total Cash (%)
Account Receivables 1,9241,874.871,754.242,247.233,129.593,058.983,370.423,713.584,091.674,508.26
Account Receivables (%)
Inventories 113.71100.0789.6592.59117.97147.12162.10178.61196.79216.83
Inventories (%)
Accounts Payable 669.71535.03571.27663.061,109.87988.321,088.951,199.821,321.981,456.57
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 6,909.427,183.196,320.987,951.789,778.0410,773.5811,870.4813,079.0614,410.7015,877.91
EBITDA 708.47826.77788.11906.31662.461,129.161,244.131,370.801,510.361,664.14
EBIT 495.54591.28490.36483.49155.31664.29731.93806.45888.56979.02
Tax Rate 28.92%23.21%24.07%23.54%22.54%24.46%24.46%24.46%24.46%24.46%
EBIAT 352.23454.03372.36369.67120.31501.84552.93609.23671.25739.60
Depreciation 212.93235.48297.75422.83507.15464.87512.20564.35621.81685.12
Accounts Receivable -49.13120.63-492.98-882.3670.61-311.45-343.16-378.09-416.59
Inventories -13.6410.42-2.95-25.37-29.15-14.98-16.50-18.18-20.04
Accounts Payable --134.6836.2491.79446.80-121.54100.63110.87122.16134.60
Capital Expenditure -180.42-126.47-213.75-170.07-263.35-271.18-298.79-329.21-362.73-399.66
UFCF 384.74491.13623.65218.29-96.83615.44540.54595.57656.21723.02
WACC
PV UFCF 570.33464.20473.97483.95494.13
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