Discounted Cash Flow (DCF) Analysis Levered
Cabot Oil & Gas Corporation (COG)
$22.25
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 1,155.68 | 1,764.22 | 2,188.15 | 2,066.28 | 1,466.62 | 1,620.97 | 1,791.56 | 1,980.10 | 2,188.48 | 2,418.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 392.38 | 898.16 | 1,104.90 | 1,445.79 | 778.23 | 837.69 | 925.84 | 1,023.28 | 1,130.97 | 1,249.99 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -375.15 | -764.56 | -894.47 | -788.37 | -575.85 | -629.24 | -695.46 | -768.65 | -849.54 | -938.95 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 17.22 | 133.60 | 210.43 | 657.42 | 202.39 | 208.45 | 230.38 | 254.63 | 281.42 | 311.04 |
Weighted Average Cost Of Capital
| Share price | $ 22.25 |
|---|---|
| Beta | 0.143 |
| Diluted Shares Outstanding | 398.58 |
| Cost of Debt | |
| Tax Rate | 16.84 |
| After-tax Cost of Debt | 3.96% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.436 |
| Total Debt | 1,137.91 |
| Total Equity | 8,868.47 |
| Total Capital | 10,006.39 |
| Debt Weighting | 11.37 |
| Equity Weighting | 88.63 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 1,155.68 | 1,764.22 | 2,188.15 | 2,066.28 | 1,466.62 | 1,620.97 | 1,791.56 | 1,980.10 | 2,188.48 | 2,418.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 392.38 | 898.16 | 1,104.90 | 1,445.79 | 778.23 | 837.69 | 925.84 | 1,023.28 | 1,130.97 | 1,249.99 |
| Capital Expenditure | -375.15 | -764.56 | -894.47 | -788.37 | -575.85 | -629.24 | -695.46 | -768.65 | -849.54 | -938.95 |
| Free Cash Flow | 17.22 | 133.60 | 210.43 | 657.42 | 202.39 | 208.45 | 230.38 | 254.63 | 281.42 | 311.04 |
| WACC | ||||||||||
| PV LFCF | 199.70 | 211.45 | 223.90 | 237.08 | 251.03 | |||||
| SUM PV LFCF | 1,123.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.38 |
| Free cash flow (t + 1) | 317.26 |
| Terminal Value | 13,330.31 |
| Present Value of Terminal Value | 10,758.55 |
Intrinsic Value
| Enterprise Value | 11,881.71 |
|---|---|
| Net Debt | 997.80 |
| Equity Value | 10,883.91 |
| Shares Outstanding | 398.58 |
| Equity Value Per Share | 27.31 |