Discounted Cash Flow (DCF) Analysis Levered
Edison International (EIX)
$65.83
-0.83 (-1.25%)
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 | 12,320 | 12,657 | 12,347 | 13,578 | 14,905 | 15,651.34 | 16,435.06 | 17,258.02 | 18,122.18 | 19,029.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,587 | 3,177 | -307 | 1,263 | 158 | 1,943.63 | 2,040.95 | 2,143.15 | 2,250.46 | 2,363.15 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,828 | -4,509 | -4,877 | -5,484 | -5,503 | -5,744.19 | -6,031.83 | -6,333.86 | -6,651.02 | -6,984.06 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -241 | -1,332 | -5,184 | -4,221 | -5,345 | -3,800.57 | -3,990.87 | -4,190.71 | -4,400.55 | -4,620.90 |
Weighted Average Cost Of Capital
| Share price | $ 65.83 |
|---|---|
| Beta | 0.696 |
| Diluted Shares Outstanding | 380 |
| Cost of Debt | |
| Tax Rate | -17.24 |
| After-tax Cost of Debt | 3.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.169 |
| Total Debt | 29,533 |
| Total Equity | 25,015.40 |
| Total Capital | 54,548.40 |
| Debt Weighting | 54.14 |
| Equity Weighting | 45.86 |
| 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 | 12,320 | 12,657 | 12,347 | 13,578 | 14,905 | 15,651.34 | 16,435.06 | 17,258.02 | 18,122.18 | 19,029.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,587 | 3,177 | -307 | 1,263 | 158 | 1,943.63 | 2,040.95 | 2,143.15 | 2,250.46 | 2,363.15 |
| Capital Expenditure | -3,828 | -4,509 | -4,877 | -5,484 | -5,503 | -5,744.19 | -6,031.83 | -6,333.86 | -6,651.02 | -6,984.06 |
| Free Cash Flow | -241 | -1,332 | -5,184 | -4,221 | -5,345 | -3,800.57 | -3,990.87 | -4,190.71 | -4,400.55 | -4,620.90 |
| WACC | ||||||||||
| PV LFCF | -2,915.09 | -2,928.68 | -2,942.34 | -2,956.06 | -2,969.84 | |||||
| SUM PV LFCF | -18,351.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.52 |
| Free cash flow (t + 1) | -4,713.32 |
| Terminal Value | -187,036.54 |
| Present Value of Terminal Value | -149,944.12 |
Intrinsic Value
| Enterprise Value | -168,295.50 |
|---|---|
| Net Debt | 29,143 |
| Equity Value | -197,438.50 |
| Shares Outstanding | 380 |
| Equity Value Per Share | -519.58 |