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
Stock DCF: 32.79 | 29.21 | 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 3,654.103,181.902,254.304,5696,000.707,379.959,076.2311,162.3913,728.0516,883.43
Revenue (%)
Operating Cash Flow 253.60420.40408.10426.70439.20810.52996.821,225.941,507.721,854.26
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 -51.90-35.10239.80343.50209.90282.36347.26427.07525.23645.96

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 3,654.103,181.902,254.304,5696,000.707,379.959,076.2311,162.3913,728.0516,883.43
Operating Cash Flow 253.60420.40408.10426.70439.20810.52996.821,225.941,507.721,854.26
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 -51.90-35.10239.80343.50209.90282.36347.26427.07525.23645.96
WACC
PV LFCF 256.45286.47319.99357.44399.27
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