Discounted Cash Flow (DCF) Analysis Levered

Denbury Inc. (DEN)

$83.97

-2.40 (-2.78%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.26 | 83.97 | 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 $ 83.97
Beta 1.566
Diluted Shares Outstanding 53.82
Cost of Debt
Tax Rate 1.35
After-tax Cost of Debt 4.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.904
Total Debt 84.67
Total Equity 4,519.10
Total Capital 4,603.77
Debt Weighting 1.84
Equity Weighting 98.16
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 76.5276.6676.8176.9677.10
SUM PV LFCF 384.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.79
Free cash flow (t + 1) 131.27
Terminal Value 1,493.41
Present Value of Terminal Value 894.70

Intrinsic Value

Enterprise Value 1,278.74
Net Debt 81
Equity Value 1,197.74
Shares Outstanding 53.82
Equity Value Per Share 22.26