Discounted Cash Flow (DCF) Analysis Unlevered

U.S. Concrete, Inc. (USCR)

$73.99

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: -21.50 | 73.99 | overvalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 974.721,168.161,399.991,677.842,010.822,409.892,888.163,461.354,148.294,971.565,958.22
Revenue (%)
EBITDA 17.1057.7246.8756.1767.3280.6896.69115.88138.87166.43199.46
EBITDA (%)
EBIT 17.1057.7246.8756.1767.32-18.32-21.96-26.32-31.54-37.80-45.30
EBIT (%)
Depreciation -----99118.65142.19170.41204.24244.77
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 3.9375.7748.2257.8069.2783.0199.49119.23142.89171.25205.24
Total Cash (%)
Account Receivables 179.02215.98257.99309.19370.55444.09532.22637.85764.44916.151,097.97
Account Receivables (%)
Inventories 36.7341.9851.5361.7674.0188.70106.31127.40152.69182.99219.31
Inventories (%)
Accounts Payable 80.42110.69124.08148.71178.22213.59255.98306.79367.67440.64528.09
Accounts Payable (%)
Capital Expenditure -24.98-40.42-42.16-50.53-60.56-72.57-86.98-104.24-124.93-149.72-179.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 73.99
Beta 1.342
Diluted Shares Outstanding 16
Cost of Debt
Tax Rate -26.32
After-tax Cost of Debt 56.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.867
Total Debt 81
Total Equity 1,183.84
Total Capital 1,264.84
Debt Weighting 6.40
Equity Weighting 93.60
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 974.721,168.161,399.991,677.842,010.822,409.892,888.163,461.354,148.294,971.565,958.22
EBITDA 17.1057.7246.8756.1767.3280.6896.69115.88138.87166.43199.46
EBIT 17.1057.7246.8756.1767.32-18.32-21.96-26.32-31.54-37.80-45.30
Tax Rate 690.96%71.16%164.27%37.63%47.90%-26.32%164.27%164.27%164.27%164.27%164.27%
EBIAT -101.0516.64-30.1235.0335.07-23.1514.1116.9120.2724.2929.12
Depreciation -----99118.65142.19170.41204.24244.77
Accounts Receivable --36.96-42.01-51.20-61.36-73.54-88.13-105.63-126.59-151.71-181.82
Inventories --5.25-9.55-10.23-12.26-14.69-17.60-21.10-25.28-30.30-36.32
Accounts Payable -30.2813.3924.6329.5135.3742.3950.8060.8972.9787.45
Capital Expenditure -24.98-40.42-42.16-42.70-42.70-24.40-86.98-104.24-124.93-149.72-179.43
UFCF -126.03-35.72-110.45-52.30-69.59-49.58-17.57-21.05-25.23-30.24-36.24
WACC
PV UFCF -140.68-59.02-69.59-43.93-13.79-14.64-15.55-16.51-17.53
SUM PV UFCF -88.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.86
Free cash flow (t + 1) -36.96
Terminal Value -340.34
Present Value of Terminal Value -185.87

Intrinsic Value

Enterprise Value -273.94
Net Debt 70
Equity Value -343.94
Shares Outstanding 16
Equity Value Per Share -21.50