Discounted Cash Flow (DCF) Analysis Levered
Callon Petroleum Company (CPE)
$30.26
-0.40 (-1.30%)
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 | 587.62 | 671.57 | 1,033.15 | 2,045.03 | 3,230.96 | 5,040.78 | 7,864.36 | 12,269.56 | 19,142.32 | 29,864.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 467.65 | 476.32 | 559.77 | 974.14 | 1,501.52 | 3,012.35 | 4,699.72 | 7,332.25 | 11,439.39 | 17,847.13 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -611.17 | -640.54 | -677.15 | -1,072.22 | -992.98 | -3,509.32 | -5,475.06 | -8,541.91 | -13,326.63 | -20,791.51 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -143.52 | -164.22 | -117.38 | -98.08 | 508.53 | -496.97 | -775.35 | -1,209.66 | -1,887.24 | -2,944.38 |
Weighted Average Cost Of Capital
| Share price | $ 30.26 |
|---|---|
| Beta | 2.711 |
| Diluted Shares Outstanding | 61.90 |
| Cost of Debt | |
| Tax Rate | 0.97 |
| After-tax Cost of Debt | 3.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.200 |
| Total Debt | 2,241.30 |
| Total Equity | 1,873.22 |
| Total Capital | 4,114.51 |
| Debt Weighting | 54.47 |
| Equity Weighting | 45.53 |
| 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 | 587.62 | 671.57 | 1,033.15 | 2,045.03 | 3,230.96 | 5,040.78 | 7,864.36 | 12,269.56 | 19,142.32 | 29,864.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 467.65 | 476.32 | 559.77 | 974.14 | 1,501.52 | 3,012.35 | 4,699.72 | 7,332.25 | 11,439.39 | 17,847.13 |
| Capital Expenditure | -611.17 | -640.54 | -677.15 | -1,072.22 | -992.98 | -3,509.32 | -5,475.06 | -8,541.91 | -13,326.63 | -20,791.51 |
| Free Cash Flow | -143.52 | -164.22 | -117.38 | -98.08 | 508.53 | -496.97 | -775.35 | -1,209.66 | -1,887.24 | -2,944.38 |
| WACC | ||||||||||
| PV LFCF | -291.64 | -416.33 | -594.32 | -848.41 | -1,211.13 | |||||
| SUM PV LFCF | -5,241.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.29 |
| Free cash flow (t + 1) | -3,003.27 |
| Terminal Value | -41,197.08 |
| Present Value of Terminal Value | -26,421.92 |
Intrinsic Value
| Enterprise Value | -31,663.67 |
|---|---|
| Net Debt | 2,237.90 |
| Equity Value | -33,901.57 |
| Shares Outstanding | 61.90 |
| Equity Value Per Share | -547.65 |