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: -3,802.57 | 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 28.84105.45256.87235.60211.41529.641,192.102,683.176,039.2413,593.03
EBITDA (%)
EBIT 25.3580.32214.54182.48162.22428.12963.622,168.894,881.7110,987.68
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 0.018.5610.6323.9319.9031.5871.09160360.13810.58
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 1.680.100.150.148.4511.6726.2659.12133.06299.49
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 0.000
Diluted Shares Outstanding 40.68
Cost of Debt
Tax Rate -15.06
After-tax Cost of Debt 4.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.356
Total Debt 687.96
Total Equity 619.18
Total Capital 1,307.14
Debt Weighting 52.63
Equity Weighting 47.37
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 28.84105.45256.87235.60211.41529.641,192.102,683.176,039.2413,593.03
EBIT 25.3580.32214.54182.48162.22428.12963.622,168.894,881.7110,987.68
Tax Rate 18.49%21.61%12.39%6.60%-15.06%8.81%8.81%8.81%8.81%8.81%
EBIAT 20.6762.96187.96170.43186.64390.42878.761,977.904,451.8210,020.10
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 --1.590.05-0.018.313.2214.6032.8573.94166.43
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 24.15-62.59-55.7887.1844.55-218.12-371.09-835.24-1,879.95-4,231.37
WACC
PV UFCF -209.01-340.73-734.87-1,584.93-3,418.30
SUM PV UFCF -6,287.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.36
Free cash flow (t + 1) -4,315.99
Terminal Value -182,881.08
Present Value of Terminal Value -147,740.12

Intrinsic Value

Enterprise Value -154,027.95
Net Debt 668.06
Equity Value -154,696.01
Shares Outstanding 40.68
Equity Value Per Share -3,802.57