Discounted Cash Flow (DCF) Analysis Unlevered

Rice Acquisition Corp. (RICE)

$18.27

+0.20 (+-%)
All numbers are in Millions, Currency in USD
Stock DCF: -3,753.21 | 18.27 | overvalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
Revenue 502.14778.911,208.221,874.152,907.124,509.446,994.91
Revenue (%)
EBITDA 127.5250.21192.36298.38462.83717.931,113.63
EBITDA (%)
EBIT -191.77-312.34-472.96-733.64-1,138-1,765.22-2,738.16
EBIT (%)
Depreciation 319.29362.54665.311,032.011,600.832,483.153,851.79
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
Total Cash 338.86470.73772.761,198.691,859.372,884.204,473.88
Total Cash (%)
Account Receivables 154.81218.63355.81551.93856.131,328.012,059.96
Account Receivables (%)
Inventories -------
Inventories (%)
Accounts Payable 83.5518.24114.67177.87275.91427.98663.87
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 3.493
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 502.14778.911,208.221,874.152,907.124,509.446,994.91
EBITDA 127.5250.21192.36298.38462.83717.931,113.63
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 319.29362.54665.311,032.011,600.832,483.153,851.79
Accounts Receivable --63.81-137.19-196.11-304.21-471.87-731.96
Inventories -------
Accounts Payable --65.3196.4363.2098.04152.07235.89
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 -2,140.91-3,274.08-4,896.50-7,322.89-10,951.64
SUM PV UFCF -25,619.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.72
Free cash flow (t + 1) -12,017.23
Terminal Value -698,676.33
Present Value of Terminal Value -582,054.28

Intrinsic Value

Enterprise Value -607,673.51
Net Debt 1,192.88
Equity Value -608,866.40
Shares Outstanding 162.23
Equity Value Per Share -3,753.21