Discounted Cash Flow (DCF) Analysis Levered
APA Corporation (APA)
$33.41
+0.11 (+0.33%)
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 | 7,348 | 6,315 | 4,435 | 7,985 | 11,075 | 13,149.18 | 15,611.83 | 18,535.69 | 22,007.15 | 26,128.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,777 | 2,867 | 1,388 | 3,496 | 4,943 | 5,693.92 | 6,760.30 | 8,026.41 | 9,529.63 | 11,314.39 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,904 | -2,961 | -1,302 | -1,113 | -2,398 | -4,338.36 | -5,150.87 | -6,115.55 | -7,260.90 | -8,620.76 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -127 | -94 | 86 | 2,383 | 2,545 | 1,355.56 | 1,609.44 | 1,910.86 | 2,268.73 | 2,693.63 |
Weighted Average Cost Of Capital
| Share price | $ 33.41 |
|---|---|
| Beta | 3.526 |
| Diluted Shares Outstanding | 333 |
| Cost of Debt | |
| Tax Rate | 37.15 |
| After-tax Cost of Debt | 3.51% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 20.453 |
| Total Debt | 5,620 |
| Total Equity | 11,125.53 |
| Total Capital | 16,745.53 |
| Debt Weighting | 33.56 |
| Equity Weighting | 66.44 |
| 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 | 7,348 | 6,315 | 4,435 | 7,985 | 11,075 | 13,149.18 | 15,611.83 | 18,535.69 | 22,007.15 | 26,128.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,777 | 2,867 | 1,388 | 3,496 | 4,943 | 5,693.92 | 6,760.30 | 8,026.41 | 9,529.63 | 11,314.39 |
| Capital Expenditure | -3,904 | -2,961 | -1,302 | -1,113 | -2,398 | -4,338.36 | -5,150.87 | -6,115.55 | -7,260.90 | -8,620.76 |
| Free Cash Flow | -127 | -94 | 86 | 2,383 | 2,545 | 1,355.56 | 1,609.44 | 1,910.86 | 2,268.73 | 2,693.63 |
| WACC | ||||||||||
| PV LFCF | 1,181.11 | 1,221.85 | 1,263.99 | 1,307.59 | 1,352.68 | |||||
| SUM PV LFCF | 6,327.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.77 |
| Free cash flow (t + 1) | 2,747.51 |
| Terminal Value | 21,515.32 |
| Present Value of Terminal Value | 10,804.53 |
Intrinsic Value
| Enterprise Value | 17,131.74 |
|---|---|
| Net Debt | 5,375 |
| Equity Value | 11,756.74 |
| Shares Outstanding | 333 |
| Equity Value Per Share | 35.31 |