Discounted Cash Flow (DCF) Analysis Unlevered

Brookfield Real Assets Income Fund ... (RA)

$17.21

+0.49 (+2.93%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,641.41 | 17.21 | overvalue

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 85.01-27.28131.37-33.48109.04-235.75509.70-1,102.032,382.69-5,151.60
Revenue (%)
EBITDA 92.76-17.09136.61-33.09108.45-223.51483.26-1,044.852,259.06-4,884.31
EBITDA (%)
EBIT ------223.51483.26-1,044.852,259.06-4,884.31
EBIT (%)
Depreciation ----------
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 61.335.175.305.395.62-21.8247.18-102220.53-476.81
Total Cash (%)
Account Receivables 8.4113.439.779.0110.2323.30-50.38108.92-235.50509.17
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.615.443.021.0417.811.75-3.788.18-17.6938.25
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.21
Beta 0.798
Diluted Shares Outstanding 50.10
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.573
Total Debt 404.96
Total Equity 862.19
Total Capital 1,267.15
Debt Weighting 31.96
Equity Weighting 68.04
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 85.01-27.28131.37-33.48109.04-235.75509.70-1,102.032,382.69-5,151.60
EBITDA 92.76-17.09136.61-33.09108.45-223.51483.26-1,044.852,259.06-4,884.31
EBIT ------223.51483.26-1,044.852,259.06-4,884.31
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------223.51483.26-1,044.852,259.06-4,884.31
Depreciation ----------
Accounts Receivable --5.013.660.76-1.22-13.0773.68-159.30344.42-744.67
Inventories ----------
Accounts Payable -4.84-2.43-1.9816.77-16.06-5.5311.97-25.8755.94
Capital Expenditure ----------
UFCF ------252.64551.40-1,192.182,577.61-5,573.04
WACC
PV UFCF -239.72496.44-1,018.462,089.39-4,286.43
SUM PV UFCF -2,958.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.39
Free cash flow (t + 1) -5,684.50
Terminal Value -167,684.46
Present Value of Terminal Value -128,972.11

Intrinsic Value

Enterprise Value -131,930.88
Net Debt 399.33
Equity Value -132,330.22
Shares Outstanding 50.10
Equity Value Per Share -2,641.41