Discounted Cash Flow (DCF) Analysis Levered
Crestwood Equity Partners LP (CEQP)
$29.21
+0.26 (+0.90%)
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 | 3,654.10 | 3,181.90 | 2,254.30 | 4,569 | 6,000.70 | 7,379.95 | 9,076.23 | 11,162.39 | 13,728.05 | 16,883.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 253.60 | 420.40 | 408.10 | 426.70 | 439.20 | 810.52 | 996.82 | 1,225.94 | 1,507.72 | 1,854.26 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -305.50 | -455.50 | -168.30 | -83.20 | -229.30 | -528.16 | -649.56 | -798.86 | -982.48 | -1,208.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -51.90 | -35.10 | 239.80 | 343.50 | 209.90 | 282.36 | 347.26 | 427.07 | 525.23 | 645.96 |
Weighted Average Cost Of Capital
| Share price | $ 29.21 |
|---|---|
| Beta | 2.421 |
| Diluted Shares Outstanding | 99 |
| Cost of Debt | |
| Tax Rate | 2.55 |
| After-tax Cost of Debt | 5.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.025 |
| Total Debt | 3,408.50 |
| Total Equity | 2,891.79 |
| Total Capital | 6,300.29 |
| Debt Weighting | 54.10 |
| Equity Weighting | 45.90 |
| 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 | 3,654.10 | 3,181.90 | 2,254.30 | 4,569 | 6,000.70 | 7,379.95 | 9,076.23 | 11,162.39 | 13,728.05 | 16,883.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 253.60 | 420.40 | 408.10 | 426.70 | 439.20 | 810.52 | 996.82 | 1,225.94 | 1,507.72 | 1,854.26 |
| Capital Expenditure | -305.50 | -455.50 | -168.30 | -83.20 | -229.30 | -528.16 | -649.56 | -798.86 | -982.48 | -1,208.30 |
| Free Cash Flow | -51.90 | -35.10 | 239.80 | 343.50 | 209.90 | 282.36 | 347.26 | 427.07 | 525.23 | 645.96 |
| WACC | ||||||||||
| PV LFCF | 256.45 | 286.47 | 319.99 | 357.44 | 399.27 | |||||
| SUM PV LFCF | 1,619.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.10 |
| Free cash flow (t + 1) | 658.88 |
| Terminal Value | 8,134.31 |
| Present Value of Terminal Value | 5,027.87 |
Intrinsic Value
| Enterprise Value | 6,647.50 |
|---|---|
| Net Debt | 3,401 |
| Equity Value | 3,246.50 |
| Shares Outstanding | 99 |
| Equity Value Per Share | 32.79 |