Discounted Cash Flow (DCF) Analysis Levered

CONSOL Energy Inc. (CEIX)

$57.16

-0.72 (-1.24%)

All numbers are in Millions, Currency in USD

Stock DCF: 157.62 | 57.16 | 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	1,472.79	1,375.56	879.46	1,258.95	2,280.02	2,745.07	3,304.98	3,979.10	4,790.72	5,767.88
Revenue (%)
Operating Cash Flow	413.52	244.57	129.33	305.57	650.99	622.51	749.48	902.35	1,086.41	1,308
Operating Cash Flow (%)
Capital Expenditure	-145.75	-169.74	-86	-132.75	-171.51	-274.96	-331.04	-398.56	-479.85	-577.73
Capital Expenditure (%)
Free Cash Flow	267.78	74.83	43.33	172.82	479.48	347.55	418.44	503.79	606.55	730.27

Weighted Average Cost Of Capital

Share price	$ 57.16
Beta	1.854
Diluted Shares Outstanding	35.73
Cost of Debt
Tax Rate	17.85
After-tax Cost of Debt	12.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.561
Total Debt	355.33
Total Equity	2,042.27
Total Capital	2,397.61
Debt Weighting	14.82
Equity Weighting	85.18
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	1,472.79	1,375.56	879.46	1,258.95	2,280.02	2,745.07	3,304.98	3,979.10	4,790.72	5,767.88
Operating Cash Flow	413.52	244.57	129.33	305.57	650.99	622.51	749.48	902.35	1,086.41	1,308
Capital Expenditure	-145.75	-169.74	-86	-132.75	-171.51	-274.96	-331.04	-398.56	-479.85	-577.73
Free Cash Flow	267.78	74.83	43.33	172.82	479.48	347.55	418.44	503.79	606.55	730.27
WACC
PV LFCF						308.94	330.62	353.83	378.67	405.25
SUM PV LFCF										1,777.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.50
Free cash flow (t + 1)	744.87
Terminal Value	7,094.04
Present Value of Terminal Value	3,936.69

Intrinsic Value

Enterprise Value	5,713.99
Net Debt	82.27
Equity Value	5,631.72
Shares Outstanding	35.73
Equity Value Per Share	157.62