Discounted Cash Flow (DCF) Analysis Levered

California Resources Corporation (CRC)

$39.78

+1.28 (+3.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 63,398,600.77 | 39.78 | undervalue

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 2,0963,0632,693382,56544,794.32782,273.0213,661,355.69238,577,369.994,166,435,802.94
Revenue (%)
Operating Cash Flow 24846167610666031,952.96558,015.829,745,002.53170,183,481.592,972,027,693.86
Operating Cash Flow (%)
Capital Expenditure -344-621-493.98-6.97-470.50-8,216.72-143,494.12-2,505,933.49-43,762,788.55-764,258,777.14
Capital Expenditure (%)
Free Cash Flow -96-160182.0299.03189.5023,736.23414,521.707,239,069.05126,420,693.042,207,768,916.72

Weighted Average Cost Of Capital

Share price $ 39.78
Beta 4.406
Diluted Shares Outstanding 83
Cost of Debt
Tax Rate -167.25
After-tax Cost of Debt 9.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 23.683
Total Debt 589
Total Equity 3,301.74
Total Capital 3,890.74
Debt Weighting 15.14
Equity Weighting 84.86
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 2,0963,0632,693382,56544,794.32782,273.0213,661,355.69238,577,369.994,166,435,802.94
Operating Cash Flow 24846167610666031,952.96558,015.829,745,002.53170,183,481.592,972,027,693.86
Capital Expenditure -344-621-493.98-6.97-470.50-8,216.72-143,494.12-2,505,933.49-43,762,788.55-764,258,777.14
Free Cash Flow -96-160182.0299.03189.5023,736.23414,521.707,239,069.05126,420,693.042,207,768,916.72
WACC
PV LFCF 19,537.60280,844.684,037,022.0658,030,463.39834,163,061.18
SUM PV LFCF 896,530,928.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 21.49
Free cash flow (t + 1) 2,251,924,295.06
Terminal Value 11,554,254,977.20
Present Value of Terminal Value 4,365,553,219.08

Intrinsic Value

Enterprise Value 5,262,084,148
Net Debt 284
Equity Value 5,262,083,864
Shares Outstanding 83
Equity Value Per Share 63,398,600.77