Discounted Cash Flow (DCF) Analysis Levered

DTE Energy Company (DTY)

$24.99

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -173.58 | 24.99 | overvalue

Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	10,630	12,607	14,212	12,669	754	615.31	502.13	409.77	334.39	272.89
Revenue (%)
Operating Cash Flow	2,084	2,117	2,680	2,649	3,697	697.12	568.89	464.25	378.86	309.17
Operating Cash Flow (%)
Capital Expenditure	-1,503	-1,574	-1,989	-2,200	-109.30	-89.20	-72.79	-59.40	-48.47	-39.56
Capital Expenditure (%)
Free Cash Flow	581	543	691	449	3,587.70	607.93	496.10	404.85	330.38	269.61

Weighted Average Cost Of Capital

Share price	$ 24.99
Beta	0.000
Diluted Shares Outstanding	192
Cost of Debt
Tax Rate	26.36
After-tax Cost of Debt	-2.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.683
Total Debt	3,021.43
Total Equity	4,798.08
Total Capital	7,819.51
Debt Weighting	38.64
Equity Weighting	61.36
Wacc

Build Up Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	10,630	12,607	14,212	12,669	754	615.31	502.13	409.77	334.39	272.89
Operating Cash Flow	2,084	2,117	2,680	2,649	3,697	697.12	568.89	464.25	378.86	309.17
Capital Expenditure	-1,503	-1,574	-1,989	-2,200	-109.30	-89.20	-72.79	-59.40	-48.47	-39.56
Free Cash Flow	581	543	691	449	3,587.70	607.93	496.10	404.85	330.38	269.61
WACC
PV LFCF						565.94	456.36	368	296.75	239.29
SUM PV LFCF										2,044.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	1.20
Free cash flow (t + 1)	275
Terminal Value	-34,375.48
Present Value of Terminal Value	-32,385.18

Intrinsic Value

Enterprise Value	-30,340.44
Net Debt	2,987.43
Equity Value	-33,327.87
Shares Outstanding	192
Equity Value Per Share	-173.58