Discounted Cash Flow (DCF) Analysis Unlevered
Shenandoah Telecommunications Compa... (SHEN)
$20.56
+0.08 (+0.39%)
All numbers are in Millions, Currency in USD
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 | 630.85 | 633.91 | 220.78 | 245.24 | 213.33 | 177.80 | 148.19 | 123.51 | 102.94 | 85.79 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 263.36 | 260.59 | 174.84 | 1,052.34 | 1,429.92 | 448.57 | 373.86 | 311.59 | 259.70 | 216.45 |
EBITDA (%) | ||||||||||
EBIT | 96.96 | 100.51 | 126.14 | 997.14 | 1,361.74 | 403 | 335.88 | 279.94 | 233.31 | 194.46 |
EBIT (%) | ||||||||||
Depreciation | 166.41 | 160.08 | 48.70 | 55.21 | 68.17 | 45.57 | 37.98 | 31.66 | 26.38 | 21.99 |
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 | 85.09 | 101.65 | 195.40 | 85.14 | 44.06 | 61.66 | 51.39 | 42.83 | 35.70 | 29.75 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 59.69 | 118.69 | 70.39 | 52.19 | 50.37 | 37.33 | 31.11 | 25.93 | 21.61 | 18.01 |
Account Receivables (%) | ||||||||||
Inventories | 5.27 | 5.73 | 1.92 | 2.13 | 1.85 | 1.55 | 1.29 | 1.07 | 0.89 | 0.75 |
Inventories (%) | ||||||||||
Accounts Payable | 35.99 | 40.30 | 19.60 | 28.54 | 49.17 | 19.78 | 16.49 | 13.74 | 11.45 | 9.54 |
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 | 630.85 | 633.91 | 220.78 | 245.24 | 213.33 | 177.80 | 148.19 | 123.51 | 102.94 | 85.79 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 263.36 | 260.59 | 174.84 | 1,052.34 | 1,429.92 | 448.57 | 373.86 | 311.59 | 259.70 | 216.45 |
EBIT | 96.96 | 100.51 | 126.14 | 997.14 | 1,361.74 | 403 | 335.88 | 279.94 | 233.31 | 194.46 |
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 | 72.74 | 77.72 | 7,835.52 | 159,738.79 | 997.63 | 18,100.33 | 15,085.75 | 12,573.25 | 10,479.19 | 8,733.90 |
Depreciation | 166.41 | 160.08 | 48.70 | 55.21 | 68.17 | 45.57 | 37.98 | 31.66 | 26.38 | 21.99 |
Accounts Receivable | - | -59 | 48.30 | 18.20 | 1.82 | 13.04 | 6.22 | 5.18 | 4.32 | 3.60 |
Inventories | - | -0.46 | 3.81 | -0.21 | 0.28 | 0.31 | 0.26 | 0.21 | 0.18 | 0.15 |
Accounts Payable | - | 4.31 | -20.70 | 8.94 | 20.63 | -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 | 102.50 | 27.11 | 7,795.18 | 159,660.82 | 898.92 | 18,039.22 | 15,051.36 | 12,544.58 | 10,455.30 | 8,713.99 |
WACC | ||||||||||
PV UFCF | 16,906.48 | 13,220.47 | 10,326.73 | 8,066.39 | 6,300.79 | |||||
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 |