Discounted Cash Flow (DCF) Analysis Unlevered
United States Cellular Corporation ... (UZC)
$25.06
-0.01 (-0.04%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 3,996.85 | 3,939 | 3,890 | 3,967 | 4,022 | 4,028.78 | 4,035.57 | 4,042.38 | 4,049.19 | 4,056.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 483.88 | 194 | -162 | 957 | 991 | 496.59 | 497.43 | 498.27 | 499.11 | 499.95 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | - | - | - | - | - |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Total Cash | 860.19 | 739 | 402 | 597 | 472 | 623.67 | 624.72 | 625.77 | 626.83 | 627.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 608.20 | 658 | 775 | 908 | 919 | 786.28 | 787.61 | 788.93 | 790.26 | 791.60 |
| Account Receivables (%) | ||||||||||
| Inventories | 149.31 | 138 | 138 | 142 | 162 | 148.21 | 148.46 | 148.71 | 148.96 | 149.21 |
| Inventories (%) | ||||||||||
| Accounts Payable | 274.81 | 309 | 302 | 304 | 296 | 302.21 | 302.72 | 303.23 | 303.74 | 304.25 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 25.06 |
|---|---|
| Beta | 0.237 |
| Diluted Shares Outstanding | 88 |
| Cost of Debt | |
| Tax Rate | 31.35 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.090 |
| Total Debt | 1,510 |
| Total Equity | 2,205.28 |
| Total Capital | 3,715.28 |
| Debt Weighting | 40.64 |
| Equity Weighting | 59.36 |
| Wacc |
Build Up Free Cash
Year A/P | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 3,996.85 | 3,939 | 3,890 | 3,967 | 4,022 | 4,028.78 | 4,035.57 | 4,042.38 | 4,049.19 | 4,056.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 483.88 | 194 | -162 | 957 | 991 | 496.59 | 497.43 | 498.27 | 499.11 | 499.95 |
| EBIT | - | - | - | - | - | - | - | - | - | - |
| Tax Rate | 40.21% | 41.46% | 104.41% | 30.23% | 31.35% | 49.53% | 49.53% | 49.53% | 49.53% | 49.53% |
| EBIAT | - | - | - | - | - | - | - | - | - | - |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -49.80 | -117 | -133 | -11 | 132.72 | -1.33 | -1.33 | -1.33 | -1.33 |
| Inventories | - | 11.31 | -0 | -4 | -20 | 13.79 | -0.25 | -0.25 | -0.25 | -0.25 |
| Accounts Payable | - | 34.19 | -7 | 2 | -8 | 6.21 | 0.51 | 0.51 | 0.51 | 0.51 |
| Capital Expenditure | - | - | - | -512 | -650 | - | - | - | - | - |
| UFCF | - | - | - | - | - | - | - | - | - | - |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.46 |
| Free cash flow (t + 1) | - |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 1,225 |
| Equity Value | - |
| Shares Outstanding | 88 |
| Equity Value Per Share | - |