Discounted Cash Flow (DCF) Analysis Levered

Amplify Energy Corp. (AMPY)

$6.66

+0.01 (+0.15%)

All numbers are in Millions, Currency in USD

Stock DCF: 10.19 | 6.66 | undervalue

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	205.08	275.57	202.14	342.92	458.46	585.75	748.38	956.16	1,221.64	1,560.83
Revenue (%)
Operating Cash Flow	107.16	47.28	74.33	62.97	64.49	162.38	207.46	265.06	338.66	432.68
Operating Cash Flow (%)
Capital Expenditure	-112.40	-73.79	-35.89	-29.83	-34.82	-135.46	-173.07	-221.13	-282.52	-360.97
Capital Expenditure (%)
Free Cash Flow	-5.24	-26.51	38.44	33.14	29.66	26.91	34.39	43.93	56.13	71.72

Weighted Average Cost Of Capital

Share price	$ 6.66
Beta	2.546
Diluted Shares Outstanding	38.46
Cost of Debt
Tax Rate	0.19
After-tax Cost of Debt	6.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity	15.582
Total Debt	209.19
Total Equity	256.14
Total Capital	465.34
Debt Weighting	44.96
Equity Weighting	55.04
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	205.08	275.57	202.14	342.92	458.46	585.75	748.38	956.16	1,221.64	1,560.83
Operating Cash Flow	107.16	47.28	74.33	62.97	64.49	162.38	207.46	265.06	338.66	432.68
Capital Expenditure	-112.40	-73.79	-35.89	-29.83	-34.82	-135.46	-173.07	-221.13	-282.52	-360.97
Free Cash Flow	-5.24	-26.51	38.44	33.14	29.66	26.91	34.39	43.93	56.13	71.72
WACC
PV LFCF						24.12	27.61	31.61	36.19	41.43
SUM PV LFCF										160.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.60
Free cash flow (t + 1)	73.15
Terminal Value	762
Present Value of Terminal Value	440.18

Intrinsic Value

Enterprise Value	601.14
Net Debt	209.19
Equity Value	391.94
Shares Outstanding	38.46
Equity Value Per Share	10.19