Discounted Cash Flow (DCF) Analysis Levered
Delek US Holdings, Inc. (DK)
$23.19
-0.02 (-0.09%)
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 | 10,233.10 | 9,298.20 | 7,301.80 | 10,648.20 | 20,245.80 | 25,578.37 | 32,315.48 | 40,827.09 | 51,580.59 | 65,166.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 560.30 | 575.20 | -282.90 | 371.40 | 425.30 | 684.26 | 864.49 | 1,092.18 | 1,379.86 | 1,743.30 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -323.70 | -432.90 | -272.20 | -223.20 | -690.53 | -872.41 | -1,102.20 | -1,392.51 | -1,759.28 | -2,222.66 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 236.60 | 142.30 | -555.10 | 148.20 | -265.23 | -188.15 | -237.71 | -300.32 | -379.43 | -479.37 |
Weighted Average Cost Of Capital
| Share price | $ 23.19 |
|---|---|
| Beta | 1.465 |
| Diluted Shares Outstanding | 71.52 |
| Cost of Debt | |
| Tax Rate | 27.45 |
| After-tax Cost of Debt | 4.39% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.724 |
| Total Debt | 3,225.70 |
| Total Equity | 1,658.46 |
| Total Capital | 4,884.16 |
| Debt Weighting | 66.04 |
| Equity Weighting | 33.96 |
| 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 | 10,233.10 | 9,298.20 | 7,301.80 | 10,648.20 | 20,245.80 | 25,578.37 | 32,315.48 | 40,827.09 | 51,580.59 | 65,166.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 560.30 | 575.20 | -282.90 | 371.40 | 425.30 | 684.26 | 864.49 | 1,092.18 | 1,379.86 | 1,743.30 |
| Capital Expenditure | -323.70 | -432.90 | -272.20 | -223.20 | -690.53 | -872.41 | -1,102.20 | -1,392.51 | -1,759.28 | -2,222.66 |
| Free Cash Flow | 236.60 | 142.30 | -555.10 | 148.20 | -265.23 | -188.15 | -237.71 | -300.32 | -379.43 | -479.37 |
| WACC | ||||||||||
| PV LFCF | -176.60 | -209.42 | -248.34 | -294.49 | -349.22 | |||||
| SUM PV LFCF | -1,278.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.54 |
| Free cash flow (t + 1) | -488.95 |
| Terminal Value | -10,769.88 |
| Present Value of Terminal Value | -7,845.98 |
Intrinsic Value
| Enterprise Value | -9,124.07 |
|---|---|
| Net Debt | 2,384.40 |
| Equity Value | -11,508.47 |
| Shares Outstanding | 71.52 |
| Equity Value Per Share | -160.92 |