Discounted Cash Flow (DCF) Analysis Unlevered
Cohen & Steers Infrastructure Fund,... (UTF)
$21.43
-0.05 (-0.23%)
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 | -119.77 | 645.16 | -113.25 | 522.26 | -192.24 | 506.66 | -1,335.29 | 3,519.15 | -9,274.67 | 24,443.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -101.97 | 641.11 | -117.16 | 518 | -168.87 | 481.32 | -1,268.51 | 3,343.13 | -8,810.80 | 23,220.76 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 481.32 | -1,268.51 | 3,343.13 | -8,810.80 | 23,220.76 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 1.19 | 0.57 | 0.60 | 0.44 | 0.89 | -1.83 | 4.82 | -12.71 | 33.49 | -88.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 17.81 | 13.51 | 44.48 | 10.05 | 14.02 | -58.18 | 153.34 | -404.14 | 1,065.10 | -2,807.06 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 20.73 | 8.30 | 39.93 | 1.76 | 5.41 | -54.47 | 143.56 | -378.35 | 997.15 | -2,627.97 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21.43 |
|---|---|
| Beta | 1.064 |
| Diluted Shares Outstanding | 95.25 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 4.11% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.132 |
| Total Debt | 950 |
| Total Equity | 2,041.18 |
| Total Capital | 2,991.18 |
| Debt Weighting | 31.76 |
| Equity Weighting | 68.24 |
| 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 | -119.77 | 645.16 | -113.25 | 522.26 | -192.24 | 506.66 | -1,335.29 | 3,519.15 | -9,274.67 | 24,443.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -101.97 | 641.11 | -117.16 | 518 | -168.87 | 481.32 | -1,268.51 | 3,343.13 | -8,810.80 | 23,220.76 |
| EBIT | - | - | - | - | - | 481.32 | -1,268.51 | 3,343.13 | -8,810.80 | 23,220.76 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 481.32 | -1,268.51 | 3,343.13 | -8,810.80 | 23,220.76 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 4.29 | -30.97 | 34.43 | -3.97 | 72.21 | -211.53 | 557.48 | -1,469.24 | 3,872.16 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -12.42 | 31.63 | -38.17 | 3.65 | -59.88 | 198.03 | -521.91 | 1,375.50 | -3,625.11 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 493.64 | -1,282 | 3,378.70 | -8,904.54 | 23,467.81 |
| WACC | ||||||||||
| PV UFCF | 459.03 | -1,108.53 | 2,716.69 | -6,657.81 | 16,316.33 | |||||
| SUM PV UFCF | 11,725.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.54 |
| Free cash flow (t + 1) | 23,937.17 |
| Terminal Value | 432,078.89 |
| Present Value of Terminal Value | 300,408.96 |
Intrinsic Value
| Enterprise Value | 312,134.67 |
|---|---|
| Net Debt | 949.11 |
| Equity Value | 311,185.56 |
| Shares Outstanding | 95.25 |
| Equity Value Per Share | 3,267.08 |