Discounted Cash Flow (DCF) Analysis Unlevered

Rattler Midstream LP (RTLR)

$15.22

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,774.76 | 15.22 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 39.30184.47447.67423.91396.34892.082,007.884,519.3010,171.9922,894.96
Revenue (%)
EBITDA 28.84105.4598.4398.04260.28430.59969.172,181.404,909.8711,051.06
EBITDA (%)
EBIT 25.3580.3256.0944.92211.08329.08740.691,667.123,752.348,445.71
EBIT (%)
Depreciation 3.4925.1342.3453.1249.20101.51228.49514.281,157.532,605.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.018.5610.63556.8519.90255.89575.941,296.322,917.756,567.22
Total Cash (%)
Account Receivables 35.9020.1259.3463.1067.57263.09592.151,332.802,999.856,752.03
Account Receivables (%)
Inventories -9.2014.3210.1113.0830.9469.63156.73352.77794.01
Inventories (%)
Accounts Payable 1.680.100.150.1448.2729.5966.61149.91337.43759.47
Accounts Payable (%)
Capital Expenditure --164.88-241.79-136.82-192.17-499.90-1,125.17-2,532.52-5,700.15-12,829.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.22
Beta 2.816
Diluted Shares Outstanding 40.54
Cost of Debt
Tax Rate -15.06
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.169
Total Debt 687.96
Total Equity 617.05
Total Capital 1,305.01
Debt Weighting 52.72
Equity Weighting 47.28
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 39.30184.47447.67423.91396.34892.082,007.884,519.3010,171.9922,894.96
EBITDA 28.84105.4598.4398.04260.28430.59969.172,181.404,909.8711,051.06
EBIT 25.3580.3256.0944.92211.08329.08740.691,667.123,752.348,445.71
Tax Rate 18.49%21.61%86.41%77.61%-15.06%37.81%37.81%37.81%37.81%37.81%
EBIAT 20.6762.967.6210.06242.87204.64460.611,036.742,333.475,252.14
Depreciation 3.4925.1342.3453.1249.20101.51228.49514.281,157.532,605.35
Accounts Receivable -15.78-39.22-3.76-4.46-195.52-329.06-740.65-1,667.05-3,752.17
Inventories ---5.124.22-2.97-17.86-38.70-87.10-196.04-441.24
Accounts Payable --1.590.05-0.0148.13-18.6737.0183.31187.51422.05
Capital Expenditure --164.88-241.79-136.82-192.17-499.90-1,125.17-2,532.52-5,700.15-12,829.83
UFCF 24.15-62.59-236.12-73.19140.59-425.79-766.82-1,725.95-3,884.73-8,743.70
WACC
PV UFCF -384.46-625.18-1,270.56-2,582.18-5,247.79
SUM PV UFCF -10,110.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.75
Free cash flow (t + 1) -8,918.58
Terminal Value -101,926.60
Present Value of Terminal Value -61,174.28

Intrinsic Value

Enterprise Value -71,284.45
Net Debt 668.06
Equity Value -71,952.51
Shares Outstanding 40.54
Equity Value Per Share -1,774.76