Discounted Cash Flow (DCF) Analysis Levered

Brookfield Renewable Partners L.P. (BEP-UN.TO)

$43.54

-0.74 (-1.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 29.41 | 43.54 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,6252,9822,9803,8104,0964,596.655,158.505,789.026,496.617,290.69
Revenue (%)
Operating Cash Flow 9281,1031,2121,2967341,516.421,701.771,909.772,143.202,405.17
Operating Cash Flow (%)
Capital Expenditure -355-235-195-447-1,967-806.28-904.83-1,015.43-1,139.54-1,278.83
Capital Expenditure (%)
Free Cash Flow 5738681,017849-1,233710.14796.94894.351,003.661,126.34

Weighted Average Cost Of Capital

Share price $ 43.54
Beta 0.745
Diluted Shares Outstanding 275.01
Cost of Debt
Tax Rate -607.69
After-tax Cost of Debt 4.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.223
Total Debt 21,529
Total Equity 11,973.95
Total Capital 33,502.95
Debt Weighting 64.26
Equity Weighting 35.74
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,6252,9822,9803,8104,0964,596.655,158.505,789.026,496.617,290.69
Operating Cash Flow 9281,1031,2121,2967341,516.421,701.771,909.772,143.202,405.17
Capital Expenditure -355-235-195-447-1,967-806.28-904.83-1,015.43-1,139.54-1,278.83
Free Cash Flow 5738681,017849-1,233710.14796.94894.351,003.661,126.34
WACC
PV LFCF 673.05715.87761.42809.87861.39
SUM PV LFCF 3,821.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.51
Free cash flow (t + 1) 1,148.87
Terminal Value 32,731.20
Present Value of Terminal Value 25,031.90

Intrinsic Value

Enterprise Value 28,853.50
Net Debt 20,765
Equity Value 8,088.50
Shares Outstanding 275.01
Equity Value Per Share 29.41