Discounted Cash Flow (DCF) Analysis Unlevered
Rattler Midstream LP (RTLR)
$15.22
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 39.30 | 184.47 | 447.67 | 423.91 | 396.34 | 892.08 | 2,007.88 | 4,519.30 | 10,171.99 | 22,894.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 28.84 | 105.45 | 256.87 | 235.60 | 211.41 | 529.64 | 1,192.10 | 2,683.17 | 6,039.24 | 13,593.03 |
EBITDA (%) | ||||||||||
EBIT | 25.35 | 80.32 | 214.54 | 182.48 | 162.22 | 428.12 | 963.62 | 2,168.89 | 4,881.71 | 10,987.68 |
EBIT (%) | ||||||||||
Depreciation | 3.49 | 25.13 | 42.34 | 53.12 | 49.20 | 101.51 | 228.49 | 514.28 | 1,157.53 | 2,605.35 |
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 | 0.01 | 8.56 | 10.63 | 23.93 | 19.90 | 31.58 | 71.09 | 160 | 360.13 | 810.58 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 35.90 | 20.12 | 59.34 | 63.10 | 67.57 | 263.09 | 592.15 | 1,332.80 | 2,999.85 | 6,752.03 |
Account Receivables (%) | ||||||||||
Inventories | - | 9.20 | 14.32 | 10.11 | 13.08 | 30.94 | 69.63 | 156.73 | 352.77 | 794.01 |
Inventories (%) | ||||||||||
Accounts Payable | 1.68 | 0.10 | 0.15 | 0.14 | 8.45 | 11.67 | 26.26 | 59.12 | 133.06 | 299.49 |
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 | 39.30 | 184.47 | 447.67 | 423.91 | 396.34 | 892.08 | 2,007.88 | 4,519.30 | 10,171.99 | 22,894.96 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 28.84 | 105.45 | 256.87 | 235.60 | 211.41 | 529.64 | 1,192.10 | 2,683.17 | 6,039.24 | 13,593.03 |
EBIT | 25.35 | 80.32 | 214.54 | 182.48 | 162.22 | 428.12 | 963.62 | 2,168.89 | 4,881.71 | 10,987.68 |
Tax Rate | 18.49% | 21.61% | 12.39% | 6.60% | -15.06% | 8.81% | 8.81% | 8.81% | 8.81% | 8.81% |
EBIAT | 20.67 | 62.96 | 187.96 | 170.43 | 186.64 | 390.42 | 878.76 | 1,977.90 | 4,451.82 | 10,020.10 |
Depreciation | 3.49 | 25.13 | 42.34 | 53.12 | 49.20 | 101.51 | 228.49 | 514.28 | 1,157.53 | 2,605.35 |
Accounts Receivable | - | 15.78 | -39.22 | -3.76 | -4.46 | -195.52 | -329.06 | -740.65 | -1,667.05 | -3,752.17 |
Inventories | - | - | -5.12 | 4.22 | -2.97 | -17.86 | -38.70 | -87.10 | -196.04 | -441.24 |
Accounts Payable | - | -1.59 | 0.05 | -0.01 | 8.31 | 3.22 | 14.60 | 32.85 | 73.94 | 166.43 |
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 | -55.78 | 87.18 | 44.55 | -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 |