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
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 | 75,822 | 69,881 | 43,987 | 76,575 | 133,440 | 167,952.98 | 211,392.41 | 266,067.04 | 334,882.74 | 421,496.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 13,647 | 12,392 | 4,822 | 12,861 | 5,818 | 22,791.01 | 28,685.69 | 36,104.97 | 45,443.17 | 57,196.61 |
| 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 | 4,528 | 4,016 | 190 | 7,625 | 5,035 | 8,693.76 | 10,942.32 | 13,772.44 | 17,334.56 | 21,817.97 |
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 | 75,822 | 69,881 | 43,987 | 76,575 | 133,440 | 167,952.98 | 211,392.41 | 266,067.04 | 334,882.74 | 421,496.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 13,647 | 12,392 | 4,822 | 12,861 | 5,818 | 22,791.01 | 28,685.69 | 36,104.97 | 45,443.17 | 57,196.61 |
| 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 | 4,528 | 4,016 | 190 | 7,625 | 5,035 | 8,693.76 | 10,942.32 | 13,772.44 | 17,334.56 | 21,817.97 |
| WACC | ||||||||||
| PV LFCF | 7,711.34 | 8,609.01 | 9,611.18 | 10,730.02 | 11,979.10 | |||||
| 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 |