Discounted Cash Flow (DCF) Analysis Levered
CMS Energy Corporation (CMS)
$65.19
+1.07 (+1.67%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 6,583 | 6,873 | 6,845 | 6,680 | 7,329 | 7,536.10 | 7,749.05 | 7,968.02 | 8,193.17 | 8,424.69 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,705 | 1,703 | 1,790 | 1,276 | 1,819 | 1,819.96 | 1,871.39 | 1,924.27 | 1,978.65 | 2,034.56 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -1,780 | -2,220 | -2,236 | -2,448 | -2,076 | -2,366.01 | -2,432.87 | -2,501.61 | -2,572.30 | -2,644.99 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -75 | -517 | -446 | -1,172 | -257 | -546.05 | -561.48 | -577.34 | -593.66 | -610.43 |
Weighted Average Cost Of Capital
Share price | $ 65.19 |
---|---|
Beta | 0.256 |
Diluted Shares Outstanding | 289.60 |
Cost of Debt | |
Tax Rate | -61.60 |
After-tax Cost of Debt | 5.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 4.333 |
Total Debt | 8,248 |
Total Equity | 18,879.02 |
Total Capital | 27,127.02 |
Debt Weighting | 30.41 |
Equity Weighting | 69.59 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 6,583 | 6,873 | 6,845 | 6,680 | 7,329 | 7,536.10 | 7,749.05 | 7,968.02 | 8,193.17 | 8,424.69 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,705 | 1,703 | 1,790 | 1,276 | 1,819 | 1,819.96 | 1,871.39 | 1,924.27 | 1,978.65 | 2,034.56 |
Capital Expenditure | -1,780 | -2,220 | -2,236 | -2,448 | -2,076 | -2,366.01 | -2,432.87 | -2,501.61 | -2,572.30 | -2,644.99 |
Free Cash Flow | -75 | -517 | -446 | -1,172 | -257 | -546.05 | -561.48 | -577.34 | -593.66 | -610.43 |
WACC | ||||||||||
PV LFCF | -522.33 | -513.77 | -505.34 | -497.06 | -488.90 | |||||
SUM PV LFCF | -2,527.40 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.54 |
Free cash flow (t + 1) | -622.64 |
Terminal Value | -24,513.39 |
Present Value of Terminal Value | -19,633.19 |
Intrinsic Value
Enterprise Value | -22,160.59 |
---|---|
Net Debt | 7,796 |
Equity Value | -29,956.59 |
Shares Outstanding | 289.60 |
Equity Value Per Share | -103.44 |