Discounted Cash Flow (DCF) Analysis Levered
Callon Petroleum Company (CPE)
$50.27
+2.32 (+4.84%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 366.47 | 587.62 | 671.57 | 1,033.15 | 2,045.03 | 3,202.58 | 5,015.35 | 7,854.21 | 12,299.95 | 19,262.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 229.89 | 467.65 | 476.32 | 559.77 | 974.14 | 2,017.99 | 3,160.24 | 4,949.03 | 7,750.35 | 12,137.31 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -419.84 | -611.17 | -640.54 | -677.15 | -1,072.22 | -2,766.53 | -4,332.48 | -6,784.81 | -10,625.24 | -16,639.47 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -189.95 | -143.52 | -164.22 | -117.38 | -98.08 | -748.54 | -1,172.25 | -1,835.77 | -2,874.88 | -4,502.16 |
Weighted Average Cost Of Capital
| Share price | $ 50.27 |
|---|---|
| Beta | 2.735 |
| Diluted Shares Outstanding | 47.10 |
| Cost of Debt | |
| Tax Rate | 0.05 |
| After-tax Cost of Debt | 3.11% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 15.767 |
| Total Debt | 2,694.11 |
| Total Equity | 2,367.52 |
| Total Capital | 5,061.63 |
| Debt Weighting | 53.23 |
| Equity Weighting | 46.77 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 366.47 | 587.62 | 671.57 | 1,033.15 | 2,045.03 | 3,202.58 | 5,015.35 | 7,854.21 | 12,299.95 | 19,262.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 229.89 | 467.65 | 476.32 | 559.77 | 974.14 | 2,017.99 | 3,160.24 | 4,949.03 | 7,750.35 | 12,137.31 |
| Capital Expenditure | -419.84 | -611.17 | -640.54 | -677.15 | -1,072.22 | -2,766.53 | -4,332.48 | -6,784.81 | -10,625.24 | -16,639.47 |
| Free Cash Flow | -189.95 | -143.52 | -164.22 | -117.38 | -98.08 | -748.54 | -1,172.25 | -1,835.77 | -2,874.88 | -4,502.16 |
| WACC | ||||||||||
| PV LFCF | -686.55 | -986.11 | -1,416.39 | -2,034.40 | -2,922.07 | |||||
| SUM PV LFCF | -8,045.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.03 |
| Free cash flow (t + 1) | -4,592.21 |
| Terminal Value | -65,323.01 |
| Present Value of Terminal Value | -42,397.10 |
Intrinsic Value
| Enterprise Value | -50,442.62 |
|---|---|
| Net Debt | 2,684.23 |
| Equity Value | -53,126.85 |
| Shares Outstanding | 47.10 |
| Equity Value Per Share | -1,128.05 |