Discounted Cash Flow (DCF) Analysis Levered
CNX Resources Corporation (CNX)
$21.07
+0.21 (+1.01%)
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 | 1,760.65 | 1,546.34 | 1,085 | 2,389.53 | 3,924.99 | 5,323.11 | 7,219.27 | 9,790.87 | 13,278.50 | 18,008.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 885.82 | 980.56 | 795.07 | 926.36 | 1,235.01 | 2,738.59 | 3,714.11 | 5,037.12 | 6,831.40 | 9,264.83 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,116.40 | -1,192.60 | -487.29 | -465.86 | -565.75 | -2,335.29 | -3,167.15 | -4,295.33 | -5,825.39 | -7,900.46 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -230.57 | -212.04 | 307.78 | 460.50 | 669.26 | 403.29 | 546.95 | 741.78 | 1,006.02 | 1,364.37 |
Weighted Average Cost Of Capital
| Share price | $ 21.07 |
|---|---|
| Beta | 1.422 |
| Diluted Shares Outstanding | 189.51 |
| Cost of Debt | |
| Tax Rate | 32.97 |
| After-tax Cost of Debt | 3.59% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.868 |
| Total Debt | 2,388.13 |
| Total Equity | 3,992.93 |
| Total Capital | 6,381.05 |
| Debt Weighting | 37.43 |
| Equity Weighting | 62.57 |
| 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 | 1,760.65 | 1,546.34 | 1,085 | 2,389.53 | 3,924.99 | 5,323.11 | 7,219.27 | 9,790.87 | 13,278.50 | 18,008.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 885.82 | 980.56 | 795.07 | 926.36 | 1,235.01 | 2,738.59 | 3,714.11 | 5,037.12 | 6,831.40 | 9,264.83 |
| Capital Expenditure | -1,116.40 | -1,192.60 | -487.29 | -465.86 | -565.75 | -2,335.29 | -3,167.15 | -4,295.33 | -5,825.39 | -7,900.46 |
| Free Cash Flow | -230.57 | -212.04 | 307.78 | 460.50 | 669.26 | 403.29 | 546.95 | 741.78 | 1,006.02 | 1,364.37 |
| WACC | ||||||||||
| PV LFCF | 372.94 | 467.71 | 586.57 | 735.63 | 922.57 | |||||
| SUM PV LFCF | 3,085.42 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.14 |
| Free cash flow (t + 1) | 1,391.66 |
| Terminal Value | 22,665.45 |
| Present Value of Terminal Value | 15,326.13 |
Intrinsic Value
| Enterprise Value | 18,411.54 |
|---|---|
| Net Debt | 2,366.81 |
| Equity Value | 16,044.74 |
| Shares Outstanding | 189.51 |
| Equity Value Per Share | 84.67 |