Discounted Cash Flow (DCF) Analysis Levered
Duke Energy Corporation (DUK)
$113.23
+0.84 (+0.75%)
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 | 23,565 | 24,521 | 25,079 | 23,868 | 25,097 | 25,514.42 | 25,938.78 | 26,370.20 | 26,808.79 | 27,254.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 6,634 | 7,186 | 8,209 | 8,856 | 8,290 | 8,181.24 | 8,317.32 | 8,455.65 | 8,596.29 | 8,739.26 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -8,052 | -9,389 | -11,122 | -9,907 | -9,933.03 | -10,098.24 | -10,266.20 | -10,436.95 | -10,610.54 | -10,787.01 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,418 | -2,203 | -2,913 | -1,051 | -1,643.03 | -1,917 | -1,948.88 | -1,981.30 | -2,014.25 | -2,047.75 |
Weighted Average Cost Of Capital
| Share price | $ 113.23 |
|---|---|
| Beta | 0.337 |
| Diluted Shares Outstanding | 738 |
| Cost of Debt | |
| Tax Rate | -3.83 |
| After-tax Cost of Debt | 3.34% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.347 |
| Total Debt | 68,213 |
| Total Equity | 83,563.74 |
| Total Capital | 151,776.74 |
| Debt Weighting | 44.94 |
| Equity Weighting | 55.06 |
| 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 | 23,565 | 24,521 | 25,079 | 23,868 | 25,097 | 25,514.42 | 25,938.78 | 26,370.20 | 26,808.79 | 27,254.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 6,634 | 7,186 | 8,209 | 8,856 | 8,290 | 8,181.24 | 8,317.32 | 8,455.65 | 8,596.29 | 8,739.26 |
| Capital Expenditure | -8,052 | -9,389 | -11,122 | -9,907 | -9,933.03 | -10,098.24 | -10,266.20 | -10,436.95 | -10,610.54 | -10,787.01 |
| Free Cash Flow | -1,418 | -2,203 | -2,913 | -1,051 | -1,643.03 | -1,917 | -1,948.88 | -1,981.30 | -2,014.25 | -2,047.75 |
| WACC | ||||||||||
| PV LFCF | -1,845.22 | -1,805.67 | -1,766.97 | -1,729.09 | -1,692.03 | |||||
| SUM PV LFCF | -8,838.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.89 |
| Free cash flow (t + 1) | -2,088.71 |
| Terminal Value | -110,513.52 |
| Present Value of Terminal Value | -91,315.96 |
Intrinsic Value
| Enterprise Value | -100,154.93 |
|---|---|
| Net Debt | 67,870 |
| Equity Value | -168,024.93 |
| Shares Outstanding | 738 |
| Equity Value Per Share | -227.68 |