Discounted Cash Flow (DCF) Analysis Unlevered

Tortoise Energy Infrastructure Corp... (TYG)

$32.59

+0.23 (+0.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 72,466,166.74 | 32.59 | undervalue

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 1.96-1.3128.28-569.17136.37-1,454.7215,518.49-165,546.381,765,996.83-18,839,099.98
Revenue (%)
EBITDA -344.05-81.68-514.88-568.95137.6137,685.35-402,015.454,288,574.66-45,749,168.47488,037,770.85
EBITDA (%)
EBIT -----37,685.35-402,015.454,288,574.66-45,749,168.47488,037,770.85
EBIT (%)
Depreciation ----------
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 ----------
Total Cash (%)
Account Receivables 22.4015.4014.921.058.42-73.47783.77-8,36189,192.54-951,477.98
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.703.602.930.599.26201.58-2,150.4122,939.91-244,715.812,610,551.42
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.59
Beta 2.429
Diluted Shares Outstanding 13.67
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.305
Total Debt 103.03
Total Equity 445.59
Total Capital 548.62
Debt Weighting 18.78
Equity Weighting 81.22
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 1.96-1.3128.28-569.17136.37-1,454.7215,518.49-165,546.381,765,996.83-18,839,099.98
EBITDA -344.05-81.68-514.88-568.95137.6137,685.35-402,015.454,288,574.66-45,749,168.47488,037,770.85
EBIT -----37,685.35-402,015.454,288,574.66-45,749,168.47488,037,770.85
Tax Rate 39.58%269.95%25.66%0.38%0.00%67.11%67.11%67.11%67.11%67.11%
EBIAT -----12,393.43-132,209.191,410,366.16-15,045,343.58160,499,003.32
Depreciation ----------
Accounts Receivable -70.4813.87-7.3781.89-857.249,144.77-97,553.541,040,670.51
Inventories ----------
Accounts Payable --0.10-0.67-2.358.68192.32-2,351.9925,090.33-267,655.722,855,267.22
Capital Expenditure ----------
UFCF -----12,667.64-135,418.431,444,601.26-15,410,552.84164,394,941.05
WACC
PV UFCF 11,277.16-107,321.381,019,203.04-9,679,104.6091,919,923.53
SUM PV UFCF 83,163,977.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.33
Free cash flow (t + 1) 167,682,839.87
Terminal Value 1,623,260,792.59
Present Value of Terminal Value 907,631,384.34

Intrinsic Value

Enterprise Value 990,795,362.10
Net Debt 103.03
Equity Value 990,795,259.07
Shares Outstanding 13.67
Equity Value Per Share 72,466,166.74