Discounted Cash Flow (DCF) Analysis Levered
Brookfield Business Partners L.P. (BBU-UN.TO)
$23.06
+0.45 (+1.99%)
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 | 37,168 | 43,032 | 37,635 | 46,587 | 57,545 | 64,816.26 | 73,006.30 | 82,231.22 | 92,621.78 | 104,325.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,341 | 2,163 | 4,205 | 1,693 | 3,372.37 | 3,798.49 | 4,278.46 | 4,819.08 | 5,428.01 | 6,113.88 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -545 | -1,205 | -1,405 | -1,450 | -1,598.63 | -1,800.63 | -2,028.16 | -2,284.43 | -2,573.09 | -2,898.22 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 796 | 958 | 2,800 | 243 | 1,773.73 | 1,997.86 | 2,250.30 | 2,534.65 | 2,854.92 | 3,215.66 |
Weighted Average Cost Of Capital
| Share price | $ 23.06 |
|---|---|
| Beta | 1.340 |
| Diluted Shares Outstanding | 148 |
| Cost of Debt | |
| Tax Rate | -6.49 |
| After-tax Cost of Debt | -5.44% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.801 |
| Total Debt | 46,693 |
| Total Equity | 3,412.88 |
| Total Capital | 50,105.88 |
| Debt Weighting | 93.19 |
| Equity Weighting | 6.81 |
| 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 | 37,168 | 43,032 | 37,635 | 46,587 | 57,545 | 64,816.26 | 73,006.30 | 82,231.22 | 92,621.78 | 104,325.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,341 | 2,163 | 4,205 | 1,693 | 3,372.37 | 3,798.49 | 4,278.46 | 4,819.08 | 5,428.01 | 6,113.88 |
| Capital Expenditure | -545 | -1,205 | -1,405 | -1,450 | -1,598.63 | -1,800.63 | -2,028.16 | -2,284.43 | -2,573.09 | -2,898.22 |
| Free Cash Flow | 796 | 958 | 2,800 | 243 | 1,773.73 | 1,997.86 | 2,250.30 | 2,534.65 | 2,854.92 | 3,215.66 |
| WACC | ||||||||||
| PV LFCF | 2,089.81 | 2,462.21 | 2,900.97 | 3,417.92 | 4,026.99 | |||||
| SUM PV LFCF | 14,897.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -4.40 |
| Free cash flow (t + 1) | 3,279.97 |
| Terminal Value | -51,249.59 |
| Present Value of Terminal Value | -64,180.18 |
Intrinsic Value
| Enterprise Value | -49,282.27 |
|---|---|
| Net Debt | 43,823 |
| Equity Value | -93,105.27 |
| Shares Outstanding | 148 |
| Equity Value Per Share | -629.09 |