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
Stock DCF: -321.96 | 14.49 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 55.7162.92103.61135.46184.38250.97341.62465632.95
Revenue (%)
EBITDA 9.19-120.9146.5848.92-43.60-59.34-80.78-109.95-149.66
EBITDA (%)
EBIT -9.94-142.52112.40-106.92-145.54-198.10-269.66-367.05
EBIT (%)
Depreciation 19.1321.6135.5846.5263.3286.20117.33159.70217.39
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 62.8999.90456.15263.46417.81568.72774.121,053.721,434.30
Total Cash (%)
Account Receivables 7.587.837.938.2018.3324.9433.9546.2262.91
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 1.660.723748.7734.9547.5864.7688.15119.99
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 55.7162.92103.61135.46184.38250.97341.62465632.95
EBITDA 9.19-120.9146.5848.92-43.60-59.34-80.78-109.95-149.66
EBIT -9.94-142.52112.40-106.92-145.54-198.10-269.66-367.05
Tax Rate -5.88%-1.49%7.27%-49.35%-12.36%-12.36%-12.36%-12.36%-12.36%
EBIAT -10.52-144.6510.203.58-120.14-163.53-222.60-302.99-412.43
Depreciation 19.1321.6135.5846.5263.3286.20117.33159.70217.39
Accounts Receivable --0.25-0.10-0.27-10.13-6.62-9.01-12.26-16.69
Inventories ---------
Accounts Payable --0.9436.2811.77-13.8212.6217.1823.3931.84
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