Discounted Cash Flow (DCF) Analysis Levered
Callon Petroleum Company (CPE)
$34.38
+1.33 (+4.02%)
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 | -1,021.24 | -3,518.14 | -5,488.82 | -8,563.36 | -13,360.11 | -20,843.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -143.52 | -164.22 | -117.38 | -98.08 | 480.28 | -505.79 | -789.10 | -1,231.12 | -1,920.72 | -2,996.61 |
Weighted Average Cost Of Capital
| Share price | $ 34.38 |
|---|---|
| Beta | 2.741 |
| Diluted Shares Outstanding | 61.90 |
| Cost of Debt | |
| Tax Rate | 0.97 |
| After-tax Cost of Debt | 2.97% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.720 |
| Total Debt | 2,241.30 |
| Total Equity | 2,128.26 |
| Total Capital | 4,369.55 |
| Debt Weighting | 51.29 |
| Equity Weighting | 48.71 |
| 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 | -1,021.24 | -3,518.14 | -5,488.82 | -8,563.36 | -13,360.11 | -20,843.74 |
| Free Cash Flow | -143.52 | -164.22 | -117.38 | -98.08 | 480.28 | -505.79 | -789.10 | -1,231.12 | -1,920.72 | -2,996.61 |
| WACC | ||||||||||
| PV LFCF | -461.19 | -656.08 | -933.33 | -1,327.74 | -1,888.82 | |||||
| SUM PV LFCF | -5,267.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.67 |
| Free cash flow (t + 1) | -3,056.54 |
| Terminal Value | -39,850.62 |
| Present Value of Terminal Value | -25,118.62 |
Intrinsic Value
| Enterprise Value | -30,385.79 |
|---|---|
| Net Debt | 2,237.90 |
| Equity Value | -32,623.69 |
| Shares Outstanding | 61.90 |
| Equity Value Per Share | -527.00 |