Discounted Cash Flow (DCF) Analysis Levered
Black Stone Minerals, L.P. (BSM)
$17.23
-0.09 (-0.52%)
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 | 609.57 | 487.82 | 342.75 | 359.26 | 663.60 | 729.67 | 802.30 | 882.17 | 969.99 | 1,066.55 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 385.38 | 412.72 | 281.81 | 256.88 | 424.98 | 533.52 | 586.63 | 645.03 | 709.24 | 779.84 |
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 | 88.04 | 301.42 | 276.99 | 242.25 | 412.42 | 418.28 | 459.92 | 505.70 | 556.05 | 611.40 |
Weighted Average Cost Of Capital
Share price | $ 17.23 |
---|---|
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 | 9.567 |
Total Debt | 10 |
Total Equity | 3,867.20 |
Total Capital | 3,877.20 |
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 | 609.57 | 487.82 | 342.75 | 359.26 | 663.60 | 729.67 | 802.30 | 882.17 | 969.99 | 1,066.55 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 385.38 | 412.72 | 281.81 | 256.88 | 424.98 | 533.52 | 586.63 | 645.03 | 709.24 | 779.84 |
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 | 88.04 | 301.42 | 276.99 | 242.25 | 412.42 | 418.28 | 459.92 | 505.70 | 556.05 | 611.40 |
WACC | ||||||||||
PV LFCF | 381.29 | 382.18 | 383.07 | 383.96 | 384.85 | |||||
SUM PV LFCF | 1,915.35 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.70 |
Free cash flow (t + 1) | 623.63 |
Terminal Value | 8,099.07 |
Present Value of Terminal Value | 5,098.03 |
Intrinsic Value
Enterprise Value | 7,013.38 |
---|---|
Net Debt | 5.69 |
Equity Value | 7,007.68 |
Shares Outstanding | 224.45 |
Equity Value Per Share | 31.22 |