Discounted Cash Flow (DCF) Analysis Levered

Black Stone Minerals, L.P. (BSM)

$17.35

+0.04 (+0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 31.61 | 17.35 | undervalue

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 609.57487.82342.75359.26663.60729.67802.30882.17969.991,066.55
Revenue (%)
Operating Cash Flow 385.38412.72281.81256.88424.98533.52586.63645.03709.24779.84
Operating Cash Flow (%)
Capital Expenditure -297.33-111.30-4.82-14.63-12.56-115.24-126.71-139.32-153.19-168.44
Capital Expenditure (%)
Free Cash Flow 88.04301.42276.99242.25412.42418.28459.92505.70556.05611.40

Weighted Average Cost Of Capital

Share price $ 17.35
Beta 1.058
Diluted Shares Outstanding 224.45
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 62.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.470
Total Debt 10
Total Equity 3,894.14
Total Capital 3,904.14
Debt Weighting 0.26
Equity Weighting 99.74
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 609.57487.82342.75359.26663.60729.67802.30882.17969.991,066.55
Operating Cash Flow 385.38412.72281.81256.88424.98533.52586.63645.03709.24779.84
Capital Expenditure -297.33-111.30-4.82-14.63-12.56-115.24-126.71-139.32-153.19-168.44
Free Cash Flow 88.04301.42276.99242.25412.42418.28459.92505.70556.05611.40
WACC
PV LFCF 381.61382.81384.01385.22386.43
SUM PV LFCF 1,920.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.61
Free cash flow (t + 1) 623.63
Terminal Value 8,194.85
Present Value of Terminal Value 5,179.53

Intrinsic Value

Enterprise Value 7,099.61
Net Debt 5.69
Equity Value 7,093.92
Shares Outstanding 224.45
Equity Value Per Share 31.61