Discounted Cash Flow (DCF) Analysis Levered
CMS Energy Corporation (CMS)
$53.11
+0.41 (+0.78%)
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 | 6,873 | 6,845 | 6,680 | 7,329 | 8,596 | 9,115.74 | 9,666.90 | 10,251.39 | 10,871.22 | 11,528.52 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,703 | 1,790 | 1,276 | 1,819 | 855 | 1,910.59 | 2,026.11 | 2,148.61 | 2,278.52 | 2,416.29 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2,220 | -2,236 | -2,448 | -2,209 | -2,481 | -2,928.27 | -3,105.32 | -3,293.07 | -3,492.18 | -3,703.33 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -517 | -446 | -1,172 | -390 | -1,626 | -1,017.68 | -1,079.21 | -1,144.46 | -1,213.66 | -1,287.04 |
Weighted Average Cost Of Capital
Share price | $ 53.11 |
---|---|
Beta | 0.369 |
Diluted Shares Outstanding | 289.50 |
Cost of Debt | |
Tax Rate | 7.21 |
After-tax Cost of Debt | 3.12% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.316 |
Total Debt | 15,428 |
Total Equity | 15,375.34 |
Total Capital | 30,803.35 |
Debt Weighting | 50.09 |
Equity Weighting | 49.91 |
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 | 6,873 | 6,845 | 6,680 | 7,329 | 8,596 | 9,115.74 | 9,666.90 | 10,251.39 | 10,871.22 | 11,528.52 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,703 | 1,790 | 1,276 | 1,819 | 855 | 1,910.59 | 2,026.11 | 2,148.61 | 2,278.52 | 2,416.29 |
Capital Expenditure | -2,220 | -2,236 | -2,448 | -2,209 | -2,481 | -2,928.27 | -3,105.32 | -3,293.07 | -3,492.18 | -3,703.33 |
Free Cash Flow | -517 | -446 | -1,172 | -390 | -1,626 | -1,017.68 | -1,079.21 | -1,144.46 | -1,213.66 | -1,287.04 |
WACC | ||||||||||
PV LFCF | -971.90 | -984.31 | -996.87 | -1,009.59 | -1,022.47 | |||||
SUM PV LFCF | -4,985.14 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.71 |
Free cash flow (t + 1) | -1,312.78 |
Terminal Value | -48,442.18 |
Present Value of Terminal Value | -38,484.24 |
Intrinsic Value
Enterprise Value | -43,469.38 |
---|---|
Net Debt | 15,264 |
Equity Value | -58,733.38 |
Shares Outstanding | 289.50 |
Equity Value Per Share | -202.88 |