Discounted Cash Flow (DCF) Analysis Levered

Eni S.p.A. (E)

$32.97

-0.17 (-0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 80.63 | 32.97 | undervalue

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 75,82269,88143,98776,575133,440167,952.98211,392.41266,067.04334,882.74421,496.95
Revenue (%)
Operating Cash Flow 13,64712,3924,82212,8615,81822,791.0128,685.6936,104.9745,443.1757,196.61
Operating Cash Flow (%)
Capital Expenditure -9,119-8,376-4,632-5,236-783-14,097.25-17,743.37-22,332.52-28,108.62-35,378.64
Capital Expenditure (%)
Free Cash Flow 4,5284,0161907,6255,0358,693.7610,942.3213,772.4417,334.5621,817.97

Weighted Average Cost Of Capital

Share price $ 32.97
Beta 1.149
Diluted Shares Outstanding 1,745
Cost of Debt
Tax Rate 37.02
After-tax Cost of Debt 18.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.579
Total Debt 31,868
Total Equity 57,532.65
Total Capital 89,400.65
Debt Weighting 35.65
Equity Weighting 64.35
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 75,82269,88143,98776,575133,440167,952.98211,392.41266,067.04334,882.74421,496.95
Operating Cash Flow 13,64712,3924,82212,8615,81822,791.0128,685.6936,104.9745,443.1757,196.61
Capital Expenditure -9,119-8,376-4,632-5,236-783-14,097.25-17,743.37-22,332.52-28,108.62-35,378.64
Free Cash Flow 4,5284,0161907,6255,0358,693.7610,942.3213,772.4417,334.5621,817.97
WACC
PV LFCF 7,711.348,609.019,611.1810,730.0211,979.10
SUM PV LFCF 48,640.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.74
Free cash flow (t + 1) 22,254.33
Terminal Value 207,209.79
Present Value of Terminal Value 113,768

Intrinsic Value

Enterprise Value 162,408.65
Net Debt 21,713
Equity Value 140,695.65
Shares Outstanding 1,745
Equity Value Per Share 80.63