Discounted Cash Flow (DCF) Analysis Levered
Avangrid, Inc. (AGR)
$38.28
+0.17 (+0.45%)
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 | 6,478 | 6,338 | 6,320 | 6,974 | 7,923 | 8,349.07 | 8,798.06 | 9,271.19 | 9,769.76 | 10,295.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,791 | 1,593 | 1,288 | 1,561 | 1,035 | 1,813.55 | 1,911.07 | 2,013.84 | 2,122.14 | 2,236.26 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,787 | -2,740 | -2,781 | -2,976 | -2,519 | -3,160.73 | -3,330.71 | -3,509.82 | -3,698.57 | -3,897.46 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 4 | -1,147 | -1,493 | -1,415 | -1,484 | -1,347.19 | -1,419.63 | -1,495.98 | -1,576.42 | -1,661.20 |
Weighted Average Cost Of Capital
| Share price | $ 38.28 |
|---|---|
| Beta | 0.435 |
| Diluted Shares Outstanding | 387.22 |
| Cost of Debt | |
| Tax Rate | -4.76 |
| After-tax Cost of Debt | 3.23% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.744 |
| Total Debt | 9,384 |
| Total Equity | 14,822.62 |
| Total Capital | 24,206.62 |
| Debt Weighting | 38.77 |
| Equity Weighting | 61.23 |
| 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 | 6,478 | 6,338 | 6,320 | 6,974 | 7,923 | 8,349.07 | 8,798.06 | 9,271.19 | 9,769.76 | 10,295.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,791 | 1,593 | 1,288 | 1,561 | 1,035 | 1,813.55 | 1,911.07 | 2,013.84 | 2,122.14 | 2,236.26 |
| Capital Expenditure | -1,787 | -2,740 | -2,781 | -2,976 | -2,519 | -3,160.73 | -3,330.71 | -3,509.82 | -3,698.57 | -3,897.46 |
| Free Cash Flow | 4 | -1,147 | -1,493 | -1,415 | -1,484 | -1,347.19 | -1,419.63 | -1,495.98 | -1,576.42 | -1,661.20 |
| WACC | ||||||||||
| PV LFCF | -1,285.85 | -1,293.31 | -1,300.81 | -1,308.35 | -1,315.94 | |||||
| SUM PV LFCF | -6,504.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.77 |
| Free cash flow (t + 1) | -1,694.42 |
| Terminal Value | -61,170.51 |
| Present Value of Terminal Value | -48,457.10 |
Intrinsic Value
| Enterprise Value | -54,961.36 |
|---|---|
| Net Debt | 9,315 |
| Equity Value | -64,276.36 |
| Shares Outstanding | 387.22 |
| Equity Value Per Share | -166.00 |