Discounted Cash Flow (DCF) Analysis Unlevered
Sabine Royalty Trust (SBR)
$83.5082
-0.58 (-0.69%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 37.20 | 52.53 | 46.89 | 36.36 | 37.33 | 38.33 | 39.36 | 40.41 | 41.49 | 42.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 34.70 | 49.93 | 44.04 | 194.03 | 76.15 | 78.18 | 80.27 | 82.41 | 84.61 | 86.87 |
| EBITDA (%) | ||||||||||
| EBIT | 34.73 | 49.97 | 44.07 | 194.06 | 76.18 | 78.21 | 80.30 | 82.44 | 84.64 | 86.90 |
| EBIT (%) | ||||||||||
| Depreciation | -0.03 | -0.04 | -0.04 | -0.03 | -0.03 | -0.03 | -0.03 | -0.03 | -0.03 | -0.03 |
| 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 | 5.09 | 9.25 | 6.73 | 4.79 | 16.19 | 7.83 | 8.04 | 8.26 | 8.48 | 8.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.74 | 1.04 | 0.93 | 0.72 | 0.74 | 0.76 | 0.78 | 0.80 | 0.82 | 0.84 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 83.5,082 |
|---|---|
| Beta | 0.565 |
| Diluted Shares Outstanding | 14.58 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.305 |
| Total Debt | - |
| Total Equity | 1,217.49 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 37.20 | 52.53 | 46.89 | 36.36 | 37.33 | 38.33 | 39.36 | 40.41 | 41.49 | 42.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 34.70 | 49.93 | 44.04 | 194.03 | 76.15 | 78.18 | 80.27 | 82.41 | 84.61 | 86.87 |
| EBIT | 34.73 | 49.97 | 44.07 | 194.06 | 76.18 | 78.21 | 80.30 | 82.44 | 84.64 | 86.90 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 34.73 | 49.97 | 44.07 | 194.06 | 76.18 | 78.21 | 80.30 | 82.44 | 84.64 | 86.90 |
| Depreciation | -0.03 | -0.04 | -0.04 | -0.03 | -0.03 | -0.03 | -0.03 | -0.03 | -0.03 | -0.03 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.30 | -0.11 | -0.21 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 78.20 | 80.29 | 82.43 | 84.63 | 86.89 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | - | ||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 88.63 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -16.19 |
| Equity Value | - |
| Shares Outstanding | 14.58 |
| Equity Value Per Share | - |