Discounted Cash Flow (DCF) Analysis Levered
Ameren Corporation (AEE)
$78.97
+1.38 (+1.78%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6,291 | 5,910 | 5,794 | 6,394 | 7,957 | 8,489.75 | 9,058.16 | 9,664.64 | 10,311.71 | 11,002.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,170 | 2,170 | 1,727 | 1,661 | 2,263 | 2,639.22 | 2,815.92 | 3,004.46 | 3,205.62 | 3,420.24 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,338 | -2,442 | -3,299 | -3,523 | -3,380 | -3,956.21 | -4,221.09 | -4,503.70 | -4,805.24 | -5,126.97 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -168 | -272 | -1,572 | -1,862 | -1,117 | -1,316.99 | -1,405.16 | -1,499.24 | -1,599.62 | -1,706.72 |
Weighted Average Cost Of Capital
| Share price | $ 78.97 |
|---|---|
| Beta | 0.487 |
| Diluted Shares Outstanding | 259.50 |
| Cost of Debt | |
| Tax Rate | 14.42 |
| After-tax Cost of Debt | 3.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.455 |
| Total Debt | 15,095 |
| Total Equity | 20,492.72 |
| Total Capital | 35,587.71 |
| Debt Weighting | 42.42 |
| Equity Weighting | 57.58 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6,291 | 5,910 | 5,794 | 6,394 | 7,957 | 8,489.75 | 9,058.16 | 9,664.64 | 10,311.71 | 11,002.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,170 | 2,170 | 1,727 | 1,661 | 2,263 | 2,639.22 | 2,815.92 | 3,004.46 | 3,205.62 | 3,420.24 |
| Capital Expenditure | -2,338 | -2,442 | -3,299 | -3,523 | -3,380 | -3,956.21 | -4,221.09 | -4,503.70 | -4,805.24 | -5,126.97 |
| Free Cash Flow | -168 | -272 | -1,572 | -1,862 | -1,117 | -1,316.99 | -1,405.16 | -1,499.24 | -1,599.62 | -1,706.72 |
| WACC | ||||||||||
| PV LFCF | -1,251.53 | -1,268.96 | -1,286.63 | -1,304.55 | -1,322.71 | |||||
| SUM PV LFCF | -6,434.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.23 |
| Free cash flow (t + 1) | -1,740.86 |
| Terminal Value | -53,896.50 |
| Present Value of Terminal Value | -41,769.83 |
Intrinsic Value
| Enterprise Value | -48,204.21 |
|---|---|
| Net Debt | 15,085 |
| Equity Value | -63,289.21 |
| Shares Outstanding | 259.50 |
| Equity Value Per Share | -243.89 |