Discounted Cash Flow (DCF) Analysis Levered

CNX Resources Corporation (CNX)

$22.33

+0.60 (+2.76%)
All numbers are in Millions, Currency in USD
Stock DCF: -10.31 | 22.33 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,179.021,733.701,532.671,002.541,005.421,008.301,011.201,014.111,017.021,019.941,022.87
Revenue (%)
Operating Cash Flow 648.69885.82980.56795.07626.87628.67630.48632.29634.10635.92637.75
Operating Cash Flow (%)
Capital Expenditure -632.85-1,116.40-1,192.60-487.29-614.53-616.29-618.06-619.84-621.62-623.41-625.20
Capital Expenditure (%)
Free Cash Flow 15.84-230.57-212.04307.7812.3412.3812.4112.4512.4812.5212.55

Weighted Average Cost Of Capital

Share price $ 22.33
Beta 1.265
Diluted Shares Outstanding 199.08
Cost of Debt
Tax Rate 21.66
After-tax Cost of Debt 5.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.735
Total Debt 2,271.12
Total Equity 4,445.55
Total Capital 6,716.68
Debt Weighting 33.81
Equity Weighting 66.19
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,179.021,733.701,532.671,002.541,005.421,008.301,011.201,014.111,017.021,019.941,022.87
Operating Cash Flow 648.69885.82980.56795.07626.87628.67630.48632.29634.10635.92637.75
Capital Expenditure -632.85-1,116.40-1,192.60-487.29-614.53-616.29-618.06-619.84-621.62-623.41-625.20
Free Cash Flow 15.84-230.57-212.04307.7812.3412.3812.4112.4512.4812.5212.55
WACC
PV LFCF 12.3411.5110.7310.019.338.708.11
SUM PV LFCF 50.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.55
Free cash flow (t + 1) 12.81
Terminal Value 230.73
Present Value of Terminal Value 160.35

Intrinsic Value

Enterprise Value 210.76
Net Debt 2,262.55
Equity Value -2,051.79
Shares Outstanding 199.08
Equity Value Per Share -10.31