Discounted Cash Flow (DCF) Analysis Levered
CSX Corporation (CSX)
$32.38
-0.18 (-0.55%)
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 | 12,250 | 11,937 | 10,583 | 12,522 | 14,853 | 15,708.50 | 16,613.27 | 17,570.16 | 18,582.16 | 19,652.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,641 | 4,850 | 4,263 | 5,099 | 5,619 | 6,200.09 | 6,557.20 | 6,934.88 | 7,334.32 | 7,756.76 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,745 | -1,657 | -1,626 | -1,791 | -2,133 | -2,266.86 | -2,397.43 | -2,535.51 | -2,681.55 | -2,836 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,896 | 3,193 | 2,637 | 3,308 | 3,486 | 3,933.23 | 4,159.78 | 4,399.37 | 4,652.77 | 4,920.75 |
Weighted Average Cost Of Capital
| Share price | $ 32.38 |
|---|---|
| Beta | 1.226 |
| Diluted Shares Outstanding | 2,255 |
| Cost of Debt | |
| Tax Rate | 23.05 |
| After-tax Cost of Debt | 3.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.536 |
| Total Debt | 18,047 |
| Total Equity | 73,016.90 |
| Total Capital | 91,063.90 |
| Debt Weighting | 19.82 |
| Equity Weighting | 80.18 |
| 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 | 12,250 | 11,937 | 10,583 | 12,522 | 14,853 | 15,708.50 | 16,613.27 | 17,570.16 | 18,582.16 | 19,652.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,641 | 4,850 | 4,263 | 5,099 | 5,619 | 6,200.09 | 6,557.20 | 6,934.88 | 7,334.32 | 7,756.76 |
| Capital Expenditure | -1,745 | -1,657 | -1,626 | -1,791 | -2,133 | -2,266.86 | -2,397.43 | -2,535.51 | -2,681.55 | -2,836 |
| Free Cash Flow | 2,896 | 3,193 | 2,637 | 3,308 | 3,486 | 3,933.23 | 4,159.78 | 4,399.37 | 4,652.77 | 4,920.75 |
| WACC | ||||||||||
| PV LFCF | 3,632.80 | 3,548.57 | 3,466.30 | 3,385.93 | 3,307.43 | |||||
| SUM PV LFCF | 17,341.04 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.27 |
| Free cash flow (t + 1) | 5,019.17 |
| Terminal Value | 80,050.54 |
| Present Value of Terminal Value | 53,805.12 |
Intrinsic Value
| Enterprise Value | 71,146.16 |
|---|---|
| Net Debt | 16,089 |
| Equity Value | 55,057.16 |
| Shares Outstanding | 2,255 |
| Equity Value Per Share | 24.42 |