Discounted Cash Flow (DCF) Analysis Levered
Edison International (EIX)
$67.72
-0.85 (-1.24%)
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 | 12,657 | 12,347 | 13,578 | 14,905 | 17,220 | 18,633.14 | 20,162.26 | 21,816.86 | 23,607.24 | 25,544.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,177 | -307 | 1,263 | 158 | 3,216 | 1,924.88 | 2,082.85 | 2,253.77 | 2,438.73 | 2,638.86 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4,509 | -4,877 | -5,484 | -5,503 | -5,778 | -6,931.06 | -7,499.85 | -8,115.32 | -8,781.30 | -9,501.93 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,332 | -5,184 | -4,221 | -5,345 | -2,562 | -5,006.18 | -5,417.01 | -5,861.55 | -6,342.57 | -6,863.07 |
Weighted Average Cost Of Capital
| Share price | $ 67.72 |
|---|---|
| Beta | 0.817 |
| Diluted Shares Outstanding | 383 |
| Cost of Debt | |
| Tax Rate | -24.47 |
| After-tax Cost of Debt | 3.53% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.603 |
| Total Debt | 33,096 |
| Total Equity | 25,936.76 |
| Total Capital | 59,032.76 |
| Debt Weighting | 56.06 |
| Equity Weighting | 43.94 |
| 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 | 12,657 | 12,347 | 13,578 | 14,905 | 17,220 | 18,633.14 | 20,162.26 | 21,816.86 | 23,607.24 | 25,544.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,177 | -307 | 1,263 | 158 | 3,216 | 1,924.88 | 2,082.85 | 2,253.77 | 2,438.73 | 2,638.86 |
| Capital Expenditure | -4,509 | -4,877 | -5,484 | -5,503 | -5,778 | -6,931.06 | -7,499.85 | -8,115.32 | -8,781.30 | -9,501.93 |
| Free Cash Flow | -1,332 | -5,184 | -4,221 | -5,345 | -2,562 | -5,006.18 | -5,417.01 | -5,861.55 | -6,342.57 | -6,863.07 |
| WACC | ||||||||||
| PV LFCF | -4,753.30 | -4,883.57 | -5,017.41 | -5,154.92 | -5,296.20 | |||||
| SUM PV LFCF | -25,105.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.32 |
| Free cash flow (t + 1) | -7,000.33 |
| Terminal Value | -210,853.28 |
| Present Value of Terminal Value | -162,714.44 |
Intrinsic Value
| Enterprise Value | -187,819.84 |
|---|---|
| Net Debt | 32,182 |
| Equity Value | -220,001.84 |
| Shares Outstanding | 383 |
| Equity Value Per Share | -574.42 |