Discounted Cash Flow (DCF) Analysis Unlevered

Shenandoah Telecommunications Compa... (SHEN)

$20.56

+0.08 (+0.39%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,818.17 | 20.56 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 630.85633.91220.78245.24213.33177.80148.19123.51102.9485.79
Revenue (%)
EBITDA 263.36260.59174.841,052.341,429.92448.57373.86311.59259.70216.45
EBITDA (%)
EBIT 96.96100.51126.14997.141,361.74403335.88279.94233.31194.46
EBIT (%)
Depreciation 166.41160.0848.7055.2168.1745.5737.9831.6626.3821.99
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 85.09101.65195.4085.1444.0661.6651.3942.8335.7029.75
Total Cash (%)
Account Receivables 59.69118.6970.3952.1950.3737.3331.1125.9321.6118.01
Account Receivables (%)
Inventories 5.275.731.922.131.851.551.291.070.890.75
Inventories (%)
Accounts Payable 35.9940.3019.6028.5449.1719.7816.4913.7411.459.54
Accounts Payable (%)
Capital Expenditure -136.64-155.53-120.45-160.10-189.61-90.65-75.55-62.97-52.48-43.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.56
Beta 0.670
Diluted Shares Outstanding 50.15
Cost of Debt
Tax Rate 26.74
After-tax Cost of Debt 5.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.876
Total Debt 128.26
Total Equity 1,031.06
Total Capital 1,159.32
Debt Weighting 11.06
Equity Weighting 88.94
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 630.85633.91220.78245.24213.33177.80148.19123.51102.9485.79
EBITDA 263.36260.59174.841,052.341,429.92448.57373.86311.59259.70216.45
EBIT 96.96100.51126.14997.141,361.74403335.88279.94233.31194.46
Tax Rate 24.98%22.67%-6,111.91%-15,919.74%26.74%-4,391.45%-4,391.45%-4,391.45%-4,391.45%-4,391.45%
EBIAT 72.7477.727,835.52159,738.79997.6318,100.3315,085.7512,573.2510,479.198,733.90
Depreciation 166.41160.0848.7055.2168.1745.5737.9831.6626.3821.99
Accounts Receivable --5948.3018.201.8213.046.225.184.323.60
Inventories --0.463.81-0.210.280.310.260.210.180.15
Accounts Payable -4.31-20.708.9420.63-29.39-3.29-2.75-2.29-1.91
Capital Expenditure -136.64-155.53-120.45-160.10-189.61-90.65-75.55-62.97-52.48-43.74
UFCF 102.5027.117,795.18159,660.82898.9218,039.2215,051.3612,544.5810,455.308,713.99
WACC
PV UFCF 16,906.4813,220.4710,326.738,066.396,300.79
SUM PV UFCF 54,820.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.70
Free cash flow (t + 1) 8,888.27
Terminal Value 189,112.15
Present Value of Terminal Value 136,740.55

Intrinsic Value

Enterprise Value 191,561.42
Net Debt 84.20
Equity Value 191,477.22
Shares Outstanding 50.15
Equity Value Per Share 3,818.17