Discounted Cash Flow (DCF) Analysis Unlevered

SandRidge Energy, Inc. (SD)

$20.25

+0.13 (+0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: -12.10 | 20.25 | 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 357.30349.39266.85114.98168.88153.74139.95127.40115.98105.58
Revenue (%)
EBITDA 175.42132.84-288.38-218.16132.36-40.69-37.04-33.72-30.69-27.94
EBITDA (%)
EBIT 175.42132.84-288.38-218.16116.91-54.75-49.84-45.37-41.30-37.60
EBIT (%)
Depreciation ----15.4514.0612.8011.6510.619.66
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 99.1417.664.2822.13137.2641.4937.7734.3831.3028.49
Total Cash (%)
Account Receivables 71.2845.5028.6419.5821.5022.5920.5618.7217.0415.51
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 94.4178.2229.4223.0213.7327.0524.6322.4220.4118.58
Accounts Payable (%)
Capital Expenditure -219.25-187.05-191.68-8.76-11.64-61.88-56.33-51.28-46.68-42.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.25
Beta 2.365
Diluted Shares Outstanding 37.27
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.670
Total Debt -
Total Equity 754.74
Total Capital 754.74
Debt Weighting 0.00
Equity Weighting 100.00
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 357.30349.39266.85114.98168.88153.74139.95127.40115.98105.58
EBITDA 175.42132.84-288.38-218.16132.36-40.69-37.04-33.72-30.69-27.94
EBIT 175.42132.84-288.38-218.16116.91-54.75-49.84-45.37-41.30-37.60
Tax Rate -22.84%0.78%0.00%0.23%0.00%-4.37%-4.37%-4.37%-4.37%-4.37%
EBIAT 215.47131.81-288.38-217.66116.91-57.14-52.01-47.35-43.10-39.24
Depreciation ----15.4514.0612.8011.6510.619.66
Accounts Receivable -25.7716.869.07-1.93-1.082.031.841.681.53
Inventories ----------
Accounts Payable --16.19-48.80-6.41-9.2913.33-2.43-2.21-2.01-1.83
Capital Expenditure -219.25-187.05-191.68-8.76-11.64-61.88-56.33-51.28-46.68-42.49
UFCF -3.77-45.65-512-223.76109.50-92.71-95.94-87.34-79.51-72.38
WACC
PV UFCF -80.85-72.97-57.93-45.99-36.51
SUM PV UFCF -294.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.67
Free cash flow (t + 1) -73.83
Terminal Value -582.70
Present Value of Terminal Value -293.90

Intrinsic Value

Enterprise Value -588.13
Net Debt -137.26
Equity Value -450.87
Shares Outstanding 37.27
Equity Value Per Share -12.10