Discounted Cash Flow (DCF) Analysis Levered
Ameren Corporation (AEE)
$80.55
-1.94 (-2.35%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 6,177 | 6,291 | 5,910 | 5,794 | 6,394 | 6,460.85 | 6,528.40 | 6,596.65 | 6,665.62 | 6,735.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,104 | 2,170 | 2,170 | 1,727 | 1,661 | 2,081.13 | 2,102.89 | 2,124.88 | 2,147.09 | 2,169.54 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,195 | -2,338 | -2,442 | -3,299 | -3,523 | -2,921.03 | -2,951.56 | -2,982.42 | -3,013.61 | -3,045.11 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -91 | -168 | -272 | -1,572 | -1,862 | -839.89 | -848.67 | -857.55 | -866.51 | -875.57 |
Weighted Average Cost Of Capital
| Share price | $ 80.55 |
|---|---|
| Beta | 0.364 |
| Diluted Shares Outstanding | 248.70 |
| Cost of Debt | |
| Tax Rate | 14.06 |
| After-tax Cost of Debt | 2.41% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.522 |
| Total Debt | 13,612 |
| Total Equity | 20,032.78 |
| Total Capital | 33,644.79 |
| Debt Weighting | 40.46 |
| Equity Weighting | 59.54 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 6,177 | 6,291 | 5,910 | 5,794 | 6,394 | 6,460.85 | 6,528.40 | 6,596.65 | 6,665.62 | 6,735.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,104 | 2,170 | 2,170 | 1,727 | 1,661 | 2,081.13 | 2,102.89 | 2,124.88 | 2,147.09 | 2,169.54 |
| Capital Expenditure | -2,195 | -2,338 | -2,442 | -3,299 | -3,523 | -2,921.03 | -2,951.56 | -2,982.42 | -3,013.61 | -3,045.11 |
| Free Cash Flow | -91 | -168 | -272 | -1,572 | -1,862 | -839.89 | -848.67 | -857.55 | -866.51 | -875.57 |
| WACC | ||||||||||
| PV LFCF | -681.77 | -660.75 | -640.37 | -620.63 | -601.50 | |||||
| SUM PV LFCF | -3,787.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.26 |
| Free cash flow (t + 1) | -893.08 |
| Terminal Value | -39,516.98 |
| Present Value of Terminal Value | -32,077.10 |
Intrinsic Value
| Enterprise Value | -35,864.15 |
|---|---|
| Net Debt | 13,604 |
| Equity Value | -49,468.15 |
| Shares Outstanding | 248.70 |
| Equity Value Per Share | -198.91 |