Discounted Cash Flow (DCF) Analysis Levered

Algonquin Power & Utilities Corp. (AQN)

$5.83

-0.05 (-0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: -58.10 | 5.83 | overvalue

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 1,647.391,624.921,677.062,285.482,765.163,173.793,642.814,181.144,799.035,508.23
Revenue (%)
Operating Cash Flow 530.35611.26505.22157.47619.10820.21941.421,080.541,240.221,423.50
Operating Cash Flow (%)
Capital Expenditure -466.37-581.33-786.03-1,345.05-1,089.02-1,327.86-1,524.09-1,749.31-2,007.83-2,304.54
Capital Expenditure (%)
Free Cash Flow 63.9829.93-280.81-1,187.58-469.93-507.65-582.67-668.78-767.61-881.04

Weighted Average Cost Of Capital

Share price $ 5.83
Beta 0.453
Diluted Shares Outstanding 677.86
Cost of Debt
Tax Rate 16.64
After-tax Cost of Debt 3.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.348
Total Debt 7,512.02
Total Equity 3,951.94
Total Capital 11,463.95
Debt Weighting 65.53
Equity Weighting 34.47
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 1,647.391,624.921,677.062,285.482,765.163,173.793,642.814,181.144,799.035,508.23
Operating Cash Flow 530.35611.26505.22157.47619.10820.21941.421,080.541,240.221,423.50
Capital Expenditure -466.37-581.33-786.03-1,345.05-1,089.02-1,327.86-1,524.09-1,749.31-2,007.83-2,304.54
Free Cash Flow 63.9829.93-280.81-1,187.58-469.93-507.65-582.67-668.78-767.61-881.04
WACC
PV LFCF -485.83-533.67-586.21-643.93-707.33
SUM PV LFCF -2,956.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.49
Free cash flow (t + 1) -898.67
Terminal Value -36,090.97
Present Value of Terminal Value -28,975.10

Intrinsic Value

Enterprise Value -31,932.08
Net Debt 7,454.39
Equity Value -39,386.48
Shares Outstanding 677.86
Equity Value Per Share -58.10