Discounted Cash Flow (DCF) Analysis Levered

Denbury Inc. (DEN)

$75.08

-2.58 (-3.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.85 | 75.08 | overvalue

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 1,115.851,453.731,260.36737.601,242.871,379.601,531.371,699.841,886.842,094.42
Revenue (%)
Operating Cash Flow 267.14529.68494.14153.73317.16402.69446.99496.16550.75611.34
Operating Cash Flow (%)
Capital Expenditure -356.45-346.17-292.56-130.23-231.11-317.92-352.89-391.71-434.81-482.64
Capital Expenditure (%)
Free Cash Flow -89.31183.51201.5923.5086.0484.7794.10104.45115.94128.70

Weighted Average Cost Of Capital

Share price $ 75.08
Beta 0.000
Diluted Shares Outstanding 384.17
Cost of Debt
Tax Rate 1.35
After-tax Cost of Debt 7.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.697
Total Debt 56.77
Total Equity 28,843.48
Total Capital 28,900.25
Debt Weighting 0.20
Equity Weighting 99.80
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 1,115.851,453.731,260.36737.601,242.871,379.601,531.371,699.841,886.842,094.42
Operating Cash Flow 267.14529.68494.14153.73317.16402.69446.99496.16550.75611.34
Capital Expenditure -356.45-346.17-292.56-130.23-231.11-317.92-352.89-391.71-434.81-482.64
Free Cash Flow -89.31183.51201.5923.5086.0484.7794.10104.45115.94128.70
WACC
PV LFCF 81.7587.5093.66100.26107.32
SUM PV LFCF 470.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.70
Free cash flow (t + 1) 131.27
Terminal Value 7,721.79
Present Value of Terminal Value 6,439.09

Intrinsic Value

Enterprise Value 6,909.58
Net Debt 53.10
Equity Value 6,856.48
Shares Outstanding 384.17
Equity Value Per Share 17.85