Discounted Cash Flow (DCF) Analysis Levered

CVR Energy, Inc. (CVI)

$30.09

-0.15 (-0.50%)

All numbers are in Millions, Currency in USD

Stock DCF: 95.77 | 30.09 | undervalue

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	7,124	6,364	3,930	7,242	10,896	13,233.63	16,072.77	19,521.01	23,709.05	28,795.59
Revenue (%)
Operating Cash Flow	620	747	90	90	967	869.41	1,055.93	1,282.47	1,557.61	1,891.78
Operating Cash Flow (%)
Capital Expenditure	-102	-159	-283	-249	-274	-452.17	-549.18	-667	-810.10	-983.90
Capital Expenditure (%)
Free Cash Flow	518	588	-193	-159	693	417.24	506.75	615.47	747.51	907.89

Weighted Average Cost Of Capital

Share price	$ 30.09
Beta	1.596
Diluted Shares Outstanding	100.50
Cost of Debt
Tax Rate	19.60
After-tax Cost of Debt	4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.788
Total Debt	1,606
Total Equity	3,024.05
Total Capital	4,630.05
Debt Weighting	34.69
Equity Weighting	65.31
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	7,124	6,364	3,930	7,242	10,896	13,233.63	16,072.77	19,521.01	23,709.05	28,795.59
Operating Cash Flow	620	747	90	90	967	869.41	1,055.93	1,282.47	1,557.61	1,891.78
Capital Expenditure	-102	-159	-283	-249	-274	-452.17	-549.18	-667	-810.10	-983.90
Free Cash Flow	518	588	-193	-159	693	417.24	506.75	615.47	747.51	907.89
WACC
PV LFCF						382.19	425.20	473.04	526.27	585.48
SUM PV LFCF										2,392.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.17
Free cash flow (t + 1)	926.04
Terminal Value	12,915.54
Present Value of Terminal Value	8,329.06

Intrinsic Value

Enterprise Value	10,721.24
Net Debt	1,096
Equity Value	9,625.24
Shares Outstanding	100.50
Equity Value Per Share	95.77