Discounted Cash Flow (DCF) Analysis Unlevered

Radius Global Infrastructure, Inc. (RADI)

$13.99

+0.23 (+1.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -488.08 | 13.99 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 55.7162.92103.61143.82199.63277.10384.64533.91
Revenue (%)
EBITDA 9.19-120.9146.58-62.65-86.97-120.72-167.57-232.60
EBITDA (%)
EBIT -9.94-142.5211-112.05-155.53-215.89-299.67-415.96
EBIT (%)
Depreciation 19.1321.6135.5849.3968.5695.17132.10183.37
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 62.8999.90456.15341.29473.73657.58912.771,266.99
Total Cash (%)
Account Receivables 7.587.837.9316.1622.4331.1343.2159.98
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 1.660.723719.0926.5036.7851.0670.87
Accounts Payable (%)
Capital Expenditure -78.37-88.52-145.76-202.33-280.85-389.84-541.12-751.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.99
Beta 0.548
Diluted Shares Outstanding 71.08
Cost of Debt
Tax Rate 7.27
After-tax Cost of Debt 3.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.117
Total Debt 1,307.56
Total Equity 994.46
Total Capital 2,302.01
Debt Weighting 56.80
Equity Weighting 43.20
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 55.7162.92103.61143.82199.63277.10384.64533.91
EBITDA 9.19-120.9146.58-62.65-86.97-120.72-167.57-232.60
EBIT -9.94-142.5211-112.05-155.53-215.89-299.67-415.96
Tax Rate -5.88%-1.49%7.27%-0.04%-0.04%-0.04%-0.04%-0.04%
EBIAT -10.52-144.6510.20-112.09-155.59-215.97-299.78-416.11
Depreciation 19.1321.6135.5849.3968.5695.17132.10183.37
Accounts Receivable --0.25-0.10-8.22-6.27-8.70-12.08-16.77
Inventories --------
Accounts Payable --0.9436.28-17.907.4110.2814.2819.81
Capital Expenditure -78.37-88.52-470.71-202.33-280.85-389.84-541.12-751.12
UFCF -69.76-212.75-63.80-291.15-366.73-509.05-706.60-980.82
WACC
PV UFCF -304.40-366.73-486.90-646.44-858.25
SUM PV UFCF -2,436

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.55
Free cash flow (t + 1) -1,000.43
Terminal Value -39,232.70
Present Value of Terminal Value -31,407.11

Intrinsic Value

Enterprise Value -33,843.11
Net Debt 851.41
Equity Value -34,694.52
Shares Outstanding 71.08
Equity Value Per Share -488.08