Discounted Cash Flow (DCF) Analysis Unlevered

Uniti Group Inc. (UNIT)

$5.73

+0.07 (+1.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 116.55 | 5.73 | 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 1,017.631,057.611,067.041,100.521,128.851,158.571,189.071,220.381,252.511,285.49
Revenue (%)
EBITDA 799.87826.15791.03833.92891.99893.59917.11941.26966.04991.48
EBITDA (%)
EBIT 348.12420.40461.62542.98599.21508.94522.34536.09550.20564.69
EBIT (%)
Depreciation 451.75405.75329.40290.94292.79384.65394.78405.17415.84426.79
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 38.03142.8177.5358.9043.8078.1880.2482.3584.5286.74
Total Cash (%)
Account Receivables 165.8580.0376.0679.78111.23111.44114.38117.39120.48123.65
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 94.18227.12146.14144.22122.20158.39162.56166.84171.23175.74
Accounts Payable (%)
Capital Expenditure -423.57-350.48-317.08-385.85-427.57-411.10-421.92-433.03-444.43-456.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.73
Beta 1.350
Diluted Shares Outstanding 235.57
Cost of Debt
Tax Rate 62.33
After-tax Cost of Debt 2.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.657
Total Debt 5,270.69
Total Equity 1,349.80
Total Capital 6,620.49
Debt Weighting 79.61
Equity Weighting 20.39
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 1,017.631,057.611,067.041,100.521,128.851,158.571,189.071,220.381,252.511,285.49
EBITDA 799.87826.15791.03833.92891.99893.59917.11941.26966.04991.48
EBIT 348.12420.40461.62542.98599.21508.94522.34536.09550.20564.69
Tax Rate -45.51%32.04%2.07%-5.04%62.33%9.18%9.18%9.18%9.18%9.18%
EBIAT 506.57285.70452.06570.35225.70462.23474.40486.89499.70512.86
Depreciation 451.75405.75329.40290.94292.79384.65394.78405.17415.84426.79
Accounts Receivable -85.823.97-3.72-31.45-0.22-2.93-3.01-3.09-3.17
Inventories ----------
Accounts Payable -132.94-80.98-1.92-22.0336.194.174.284.394.51
Capital Expenditure -423.57-350.48-317.08-385.86-427.57-411.10-421.92-433.03-444.43-456.13
UFCF 534.75559.73387.38469.7937.44471.75448.49460.29472.41484.85
WACC
PV UFCF 452.22412.11405.45398.89392.44
SUM PV UFCF 2,061.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.32
Free cash flow (t + 1) 499.40
Terminal Value 37,833.13
Present Value of Terminal Value 30,622.06

Intrinsic Value

Enterprise Value 32,683.16
Net Debt 5,226.89
Equity Value 27,456.27
Shares Outstanding 235.57
Equity Value Per Share 116.55