Discounted Cash Flow (DCF) Analysis Levered
California Resources Corporation (CRC)
$39.78
+1.28 (+3.32%)
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 | 2,096 | 3,063 | 2,693 | 38 | 2,565 | 44,794.32 | 782,273.02 | 13,661,355.69 | 238,577,369.99 | 4,166,435,802.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 248 | 461 | 676 | 106 | 660 | 31,952.96 | 558,015.82 | 9,745,002.53 | 170,183,481.59 | 2,972,027,693.86 |
| 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 | -160 | 182.02 | 99.03 | 189.50 | 23,736.23 | 414,521.70 | 7,239,069.05 | 126,420,693.04 | 2,207,768,916.72 |
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 | 2,096 | 3,063 | 2,693 | 38 | 2,565 | 44,794.32 | 782,273.02 | 13,661,355.69 | 238,577,369.99 | 4,166,435,802.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 248 | 461 | 676 | 106 | 660 | 31,952.96 | 558,015.82 | 9,745,002.53 | 170,183,481.59 | 2,972,027,693.86 |
| 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 | -160 | 182.02 | 99.03 | 189.50 | 23,736.23 | 414,521.70 | 7,239,069.05 | 126,420,693.04 | 2,207,768,916.72 |
| WACC | ||||||||||
| PV LFCF | 19,537.60 | 280,844.68 | 4,037,022.06 | 58,030,463.39 | 834,163,061.18 | |||||
| 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 |