Discounted Cash Flow (DCF) Analysis Levered
Chevron Corporation (CVX)
$168.12
-1.33 (-0.78%)
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 | 134,674 | 158,902 | 139,865 | 94,471 | 155,606 | 170,492.50 | 186,803.17 | 204,674.24 | 224,254.99 | 245,709 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 20,515 | 30,618 | 27,314 | 10,577 | 29,187 | 28,637.08 | 31,376.73 | 34,378.48 | 37,667.40 | 41,270.96 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -13,404 | -13,792 | -14,116 | -8,922 | -8,056 | -14,780.48 | -16,194.50 | -17,743.79 | -19,441.30 | -21,301.21 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 7,111 | 16,826 | 13,198 | 1,655 | 21,131 | 13,856.60 | 15,182.23 | 16,634.69 | 18,226.09 | 19,969.75 |
Weighted Average Cost Of Capital
| Share price | $ 168.12 |
|---|---|
| Beta | 1.189 |
| Diluted Shares Outstanding | 1,870.03 |
| Cost of Debt | |
| Tax Rate | 27.79 |
| After-tax Cost of Debt | 1.64% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.228 |
| Total Debt | 31,369 |
| Total Equity | 314,388.94 |
| Total Capital | 345,757.94 |
| Debt Weighting | 9.07 |
| Equity Weighting | 90.93 |
| 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 | 134,674 | 158,902 | 139,865 | 94,471 | 155,606 | 170,492.50 | 186,803.17 | 204,674.24 | 224,254.99 | 245,709 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 20,515 | 30,618 | 27,314 | 10,577 | 29,187 | 28,637.08 | 31,376.73 | 34,378.48 | 37,667.40 | 41,270.96 |
| Capital Expenditure | -13,404 | -13,792 | -14,116 | -8,922 | -8,056 | -14,780.48 | -16,194.50 | -17,743.79 | -19,441.30 | -21,301.21 |
| Free Cash Flow | 7,111 | 16,826 | 13,198 | 1,655 | 21,131 | 13,856.60 | 15,182.23 | 16,634.69 | 18,226.09 | 19,969.75 |
| WACC | ||||||||||
| PV LFCF | 8,474.57 | 8,554.74 | 8,635.67 | 8,717.37 | 8,799.83 | |||||
| SUM PV LFCF | 65,050.96 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.54 |
| Free cash flow (t + 1) | 20,369.14 |
| Terminal Value | 311,454.76 |
| Present Value of Terminal Value | 206,750.17 |
Intrinsic Value
| Enterprise Value | 271,801.13 |
|---|---|
| Net Debt | 25,729 |
| Equity Value | 246,072.13 |
| Shares Outstanding | 1,870.03 |
| Equity Value Per Share | 131.59 |