Discounted Cash Flow (DCF) Analysis Levered

BP Midstream Partners LP (BPMP)

$17.11

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.38 | 17.11 | undervalue

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 108.15116.44128.47128.90119122.17125.42128.76132.19135.71
Revenue (%)
Operating Cash Flow 69.24173.78189.33190.40151.24155.26159.40163.64168172.47
Operating Cash Flow (%)
Capital Expenditure -2.26-1.60-1.08-3.50-2.09-2.14-2.20-2.26-2.32-2.38
Capital Expenditure (%)
Free Cash Flow 66.98172.18188.25186.90149.15153.12157.20161.38165.68170.09

Weighted Average Cost Of Capital

Share price $ 17.11
Beta 1.056
Diluted Shares Outstanding 104.80
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.676
Total Debt 468
Total Equity 1,793.13
Total Capital 2,261.13
Debt Weighting 20.70
Equity Weighting 79.30
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 108.15116.44128.47128.90119122.17125.42128.76132.19135.71
Operating Cash Flow 69.24173.78189.33190.40151.24155.26159.40163.64168172.47
Capital Expenditure -2.26-1.60-1.08-3.50-2.09-2.14-2.20-2.26-2.32-2.38
Free Cash Flow 66.98172.18188.25186.90149.15153.12157.20161.38165.68170.09
WACC
PV LFCF 143.02137.15131.51126.11120.93
SUM PV LFCF 658.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.06
Free cash flow (t + 1) 173.49
Terminal Value 3,428.67
Present Value of Terminal Value 2,437.75

Intrinsic Value

Enterprise Value 3,096.48
Net Debt 332
Equity Value 2,764.48
Shares Outstanding 104.80
Equity Value Per Share 26.38