Discounted Cash Flow (DCF) Analysis Unlevered
Radius Global Infrastructure, Inc. (RADI)
$14.49
-0.04 (-0.28%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 55.71 | 62.92 | 103.61 | 135.46 | 184.38 | 250.97 | 341.62 | 465 | 632.95 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 9.19 | -120.91 | 46.58 | 48.92 | -43.60 | -59.34 | -80.78 | -109.95 | -149.66 |
| EBITDA (%) | |||||||||
| EBIT | -9.94 | -142.52 | 11 | 2.40 | -106.92 | -145.54 | -198.10 | -269.66 | -367.05 |
| EBIT (%) | |||||||||
| Depreciation | 19.13 | 21.61 | 35.58 | 46.52 | 63.32 | 86.20 | 117.33 | 159.70 | 217.39 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 62.89 | 99.90 | 456.15 | 263.46 | 417.81 | 568.72 | 774.12 | 1,053.72 | 1,434.30 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 7.58 | 7.83 | 7.93 | 8.20 | 18.33 | 24.94 | 33.95 | 46.22 | 62.91 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 1.66 | 0.72 | 37 | 48.77 | 34.95 | 47.58 | 64.76 | 88.15 | 119.99 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -78.37 | -88.52 | -145.76 | -190.56 | -259.39 | -353.08 | -480.60 | -654.18 | -890.46 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.49 |
|---|---|
| Beta | 0.575 |
| Diluted Shares Outstanding | 93.76 |
| Cost of Debt | |
| Tax Rate | -49.35 |
| After-tax Cost of Debt | 4.36% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.215 |
| Total Debt | 1,541.22 |
| Total Equity | 1,358.54 |
| Total Capital | 2,899.76 |
| Debt Weighting | 53.15 |
| Equity Weighting | 46.85 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 55.71 | 62.92 | 103.61 | 135.46 | 184.38 | 250.97 | 341.62 | 465 | 632.95 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 9.19 | -120.91 | 46.58 | 48.92 | -43.60 | -59.34 | -80.78 | -109.95 | -149.66 |
| EBIT | -9.94 | -142.52 | 11 | 2.40 | -106.92 | -145.54 | -198.10 | -269.66 | -367.05 |
| Tax Rate | -5.88% | -1.49% | 7.27% | -49.35% | -12.36% | -12.36% | -12.36% | -12.36% | -12.36% |
| EBIAT | -10.52 | -144.65 | 10.20 | 3.58 | -120.14 | -163.53 | -222.60 | -302.99 | -412.43 |
| Depreciation | 19.13 | 21.61 | 35.58 | 46.52 | 63.32 | 86.20 | 117.33 | 159.70 | 217.39 |
| Accounts Receivable | - | -0.25 | -0.10 | -0.27 | -10.13 | -6.62 | -9.01 | -12.26 | -16.69 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.94 | 36.28 | 11.77 | -13.82 | 12.62 | 17.18 | 23.39 | 31.84 |
| Capital Expenditure | -78.37 | -88.52 | -470.71 | -0.55 | -259.39 | -353.08 | -480.60 | -654.18 | -890.46 |
| UFCF | -69.76 | -212.75 | -63.80 | -128.96 | -340.15 | -424.41 | -577.70 | -786.35 | -1,070.36 |
| WACC | |||||||||
| PV UFCF | -340.15 | -403.32 | -521.70 | -674.83 | -872.91 | ||||
| SUM PV UFCF | -2,673.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.23 |
| Free cash flow (t + 1) | -1,091.76 |
| Terminal Value | -33,800.77 |
| Present Value of Terminal Value | -26,195.62 |
Intrinsic Value
| Enterprise Value | -28,868.73 |
|---|---|
| Net Debt | 1,316.96 |
| Equity Value | -30,185.69 |
| Shares Outstanding | 93.76 |
| Equity Value Per Share | -321.96 |