Discounted Cash Flow (DCF) Analysis Levered
Chevron Corporation (CVX)
$159.31
+4.73 (+3.06%)
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 | 158,902 | 139,865 | 94,471 | 155,606 | 235,717 | 278,004.80 | 327,879.07 | 386,700.81 | 456,075.22 | 537,895.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 30,618 | 27,314 | 10,577 | 29,187 | 49,600 | 49,925.50 | 58,882.17 | 69,445.67 | 81,904.28 | 96,597.96 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -13,792 | -14,116 | -8,922 | -8,056 | -12,000 | -21,397.67 | -25,236.43 | -29,763.86 | -35,103.52 | -41,401.11 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 16,826 | 13,198 | 1,655 | 21,131 | 37,600 | 28,527.83 | 33,645.74 | 39,681.81 | 46,800.76 | 55,196.85 |
Weighted Average Cost Of Capital
| Share price | $ 159.31 |
|---|---|
| Beta | 1.148 |
| Diluted Shares Outstanding | 1,870.03 |
| Cost of Debt | |
| Tax Rate | 28.60 |
| After-tax Cost of Debt | 1.58% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.025 |
| Total Debt | 23,339 |
| Total Equity | 297,914 |
| Total Capital | 321,253 |
| Debt Weighting | 7.26 |
| Equity Weighting | 92.74 |
| 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 | 158,902 | 139,865 | 94,471 | 155,606 | 235,717 | 278,004.80 | 327,879.07 | 386,700.81 | 456,075.22 | 537,895.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 30,618 | 27,314 | 10,577 | 29,187 | 49,600 | 49,925.50 | 58,882.17 | 69,445.67 | 81,904.28 | 96,597.96 |
| Capital Expenditure | -13,792 | -14,116 | -8,922 | -8,056 | -12,000 | -21,397.67 | -25,236.43 | -29,763.86 | -35,103.52 | -41,401.11 |
| Free Cash Flow | 16,826 | 13,198 | 1,655 | 21,131 | 37,600 | 28,527.83 | 33,645.74 | 39,681.81 | 46,800.76 | 55,196.85 |
| WACC | ||||||||||
| PV LFCF | 17,505.35 | 19,031.91 | 20,691.60 | 22,496.03 | 24,457.81 | |||||
| SUM PV LFCF | 156,510.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.48 |
| Free cash flow (t + 1) | 56,300.79 |
| Terminal Value | 868,839.33 |
| Present Value of Terminal Value | 578,350.46 |
Intrinsic Value
| Enterprise Value | 734,861.14 |
|---|---|
| Net Debt | 5,661 |
| Equity Value | 729,200.14 |
| Shares Outstanding | 1,870.03 |
| Equity Value Per Share | 389.94 |