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
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 55.71 | 62.92 | 103.61 | 143.82 | 199.63 | 277.10 | 384.64 | 533.91 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 9.19 | -120.91 | 46.58 | -62.65 | -86.97 | -120.72 | -167.57 | -232.60 |
| EBITDA (%) | ||||||||
| EBIT | -9.94 | -142.52 | 11 | -112.05 | -155.53 | -215.89 | -299.67 | -415.96 |
| EBIT (%) | ||||||||
| Depreciation | 19.13 | 21.61 | 35.58 | 49.39 | 68.56 | 95.17 | 132.10 | 183.37 |
| 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 | 62.89 | 99.90 | 456.15 | 341.29 | 473.73 | 657.58 | 912.77 | 1,266.99 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 7.58 | 7.83 | 7.93 | 16.16 | 22.43 | 31.13 | 43.21 | 59.98 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 1.66 | 0.72 | 37 | 19.09 | 26.50 | 36.78 | 51.06 | 70.87 |
| 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 | 55.71 | 62.92 | 103.61 | 143.82 | 199.63 | 277.10 | 384.64 | 533.91 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 9.19 | -120.91 | 46.58 | -62.65 | -86.97 | -120.72 | -167.57 | -232.60 |
| EBIT | -9.94 | -142.52 | 11 | -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 | -144.65 | 10.20 | -112.09 | -155.59 | -215.97 | -299.78 | -416.11 |
| Depreciation | 19.13 | 21.61 | 35.58 | 49.39 | 68.56 | 95.17 | 132.10 | 183.37 |
| Accounts Receivable | - | -0.25 | -0.10 | -8.22 | -6.27 | -8.70 | -12.08 | -16.77 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.94 | 36.28 | -17.90 | 7.41 | 10.28 | 14.28 | 19.81 |
| 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 |