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
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 | -1.31 | 28.28 | -569.17 | 136.37 | -1,454.72 | 15,518.49 | -165,546.38 | 1,765,996.83 | -18,839,099.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -344.05 | -81.68 | -514.88 | -568.95 | 137.61 | 37,685.35 | -402,015.45 | 4,288,574.66 | -45,749,168.47 | 488,037,770.85 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 37,685.35 | -402,015.45 | 4,288,574.66 | -45,749,168.47 | 488,037,770.85 |
| 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 | 22.40 | 15.40 | 14.92 | 1.05 | 8.42 | -73.47 | 783.77 | -8,361 | 89,192.54 | -951,477.98 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.70 | 3.60 | 2.93 | 0.59 | 9.26 | 201.58 | -2,150.41 | 22,939.91 | -244,715.81 | 2,610,551.42 |
| 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 | -1.31 | 28.28 | -569.17 | 136.37 | -1,454.72 | 15,518.49 | -165,546.38 | 1,765,996.83 | -18,839,099.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -344.05 | -81.68 | -514.88 | -568.95 | 137.61 | 37,685.35 | -402,015.45 | 4,288,574.66 | -45,749,168.47 | 488,037,770.85 |
| EBIT | - | - | - | - | - | 37,685.35 | -402,015.45 | 4,288,574.66 | -45,749,168.47 | 488,037,770.85 |
| 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 | -132,209.19 | 1,410,366.16 | -15,045,343.58 | 160,499,003.32 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 7 | 0.48 | 13.87 | -7.37 | 81.89 | -857.24 | 9,144.77 | -97,553.54 | 1,040,670.51 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.10 | -0.67 | -2.35 | 8.68 | 192.32 | -2,351.99 | 25,090.33 | -267,655.72 | 2,855,267.22 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 12,667.64 | -135,418.43 | 1,444,601.26 | -15,410,552.84 | 164,394,941.05 |
| WACC | ||||||||||
| PV UFCF | 11,277.16 | -107,321.38 | 1,019,203.04 | -9,679,104.60 | 91,919,923.53 | |||||
| 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 |