Discounted Cash Flow (DCF) Analysis Unlevered
Rice Acquisition Corp. (RICE)
$18.27
+0.20 (+1.11%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
| Revenue | 502.14 | 778.91 | 1,208.22 | 1,874.15 | 2,907.12 | 4,509.44 | 6,994.91 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | 127.52 | 50.21 | 192.36 | 298.38 | 462.83 | 717.93 | 1,113.63 |
| EBITDA (%) | |||||||
| EBIT | -191.77 | -312.34 | -472.96 | -733.64 | -1,138 | -1,765.22 | -2,738.16 |
| EBIT (%) | |||||||
| Depreciation | 319.29 | 362.54 | 665.31 | 1,032.01 | 1,600.83 | 2,483.15 | 3,851.79 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
| Total Cash | 338.86 | 470.73 | 772.76 | 1,198.69 | 1,859.37 | 2,884.20 | 4,473.88 |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 154.81 | 218.63 | 355.81 | 551.93 | 856.13 | 1,328.01 | 2,059.96 |
| Account Receivables (%) | |||||||
| Inventories | - | - | - | - | - | - | - |
| Inventories (%) | |||||||
| Accounts Payable | 83.55 | 18.24 | 114.67 | 177.87 | 275.91 | 427.98 | 663.87 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | -1,246.27 | -880.51 | -2,182.26 | -3,385.06 | -5,250.80 | -8,144.88 | -12,634.09 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 18.27 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 162.23 |
| Cost of Debt | |
| Tax Rate | 31.02 |
| After-tax Cost of Debt | 4.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.500 |
| Total Debt | 1,662.93 |
| Total Equity | 2,963.86 |
| Total Capital | 4,626.79 |
| Debt Weighting | 35.94 |
| Equity Weighting | 64.06 |
| Wacc |
Build Up Free Cash
Year A/P | 2015 Actual | 2016 Actual | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected |
| Revenue | 502.14 | 778.91 | 1,208.22 | 1,874.15 | 2,907.12 | 4,509.44 | 6,994.91 |
|---|---|---|---|---|---|---|---|
| EBITDA | 127.52 | 50.21 | 192.36 | 298.38 | 462.83 | 717.93 | 1,113.63 |
| EBIT | -191.77 | -312.34 | -472.96 | -733.64 | -1,138 | -1,765.22 | -2,738.16 |
| Tax Rate | -13.86% | 31.02% | 8.58% | 8.58% | 8.58% | 8.58% | 8.58% |
| EBIAT | -218.34 | -215.46 | -432.38 | -670.69 | -1,040.36 | -1,613.77 | -2,503.23 |
| Depreciation | 319.29 | 362.54 | 665.31 | 1,032.01 | 1,600.83 | 2,483.15 | 3,851.79 |
| Accounts Receivable | - | -63.81 | -137.19 | -196.11 | -304.21 | -471.87 | -731.96 |
| Inventories | - | - | - | - | - | - | - |
| Accounts Payable | - | -65.31 | 96.43 | 63.20 | 98.04 | 152.07 | 235.89 |
| Capital Expenditure | -1,246.27 | -880.51 | -2,182.26 | -3,385.06 | -5,250.80 | -8,144.88 | -12,634.09 |
| UFCF | -1,145.33 | -862.55 | -1,990.09 | -3,156.65 | -4,896.50 | -7,595.30 | -11,781.60 |
| WACC | |||||||
| PV UFCF | -2,141.32 | -3,274.39 | -4,896.50 | -7,322.18 | -10,949.53 | ||
| SUM PV UFCF | -25,609.95 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.73 |
| Free cash flow (t + 1) | -12,017.23 |
| Terminal Value | -694,637.74 |
| Present Value of Terminal Value | -578,410.92 |
Intrinsic Value
| Enterprise Value | -604,020.87 |
|---|---|
| Net Debt | 1,192.88 |
| Equity Value | -605,213.75 |
| Shares Outstanding | 162.23 |
| Equity Value Per Share | -3,730.69 |