Discounted Cash Flow (DCF) Analysis Unlevered

Cohen & Steers Infrastructure Fund,... (UTF)

$24.55

+0.16 (+0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: -11,003.34 | 24.55 | overvalue

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 455.50-119.77645.16-113.25522.26-1,362.673,555.48-9,276.9424,205.38-63,156.61
Revenue (%)
EBITDA 469.42-101.97666.49-90.86539.37-1,294.583,377.80-8,813.3622,995.80-60,000.58
EBITDA (%)
EBIT ------1,294.583,377.80-8,813.3622,995.80-60,000.58
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 -1.190.570.600.444.58-11.9531.18-81.36212.28
Total Cash (%)
Account Receivables 13.2417.8113.5144.4810.05128.69-335.78876.11-2,285.935,964.45
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 31.3120.738.3039.931.76120.10-313.36817.62-2,133.335,566.29
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.55
Beta 0.995
Diluted Shares Outstanding 94.01
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.247
Total Debt 950
Total Equity 2,307.98
Total Capital 3,257.98
Debt Weighting 29.16
Equity Weighting 70.84
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 455.50-119.77645.16-113.25522.26-1,362.673,555.48-9,276.9424,205.38-63,156.61
EBITDA 469.42-101.97666.49-90.86539.37-1,294.583,377.80-8,813.3622,995.80-60,000.58
EBIT ------1,294.583,377.80-8,813.3622,995.80-60,000.58
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------1,294.583,377.80-8,813.3622,995.80-60,000.58
Depreciation ----------
Accounts Receivable --4.574.29-30.9734.43-118.64464.47-1,211.883,162.04-8,250.38
Inventories ----------
Accounts Payable --10.58-12.4231.63-38.17118.34-433.461,130.98-2,950.957,699.62
Capital Expenditure ----------
UFCF ------1,294.873,408.81-8,894.2623,206.88-60,551.35
WACC
PV UFCF -1,215.843,005.41-7,363.1118,039.25-44,195.27
SUM PV UFCF -31,729.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.50
Free cash flow (t + 1) -61,762.37
Terminal Value -1,372,497.19
Present Value of Terminal Value -1,001,759.40

Intrinsic Value

Enterprise Value -1,033,488.96
Net Debt 949.56
Equity Value -1,034,438.52
Shares Outstanding 94.01
Equity Value Per Share -11,003.34