Discounted Cash Flow (DCF) Analysis Levered

Endesa, S.A. (ELE.MC)

17.545 €

-0.17 (-0.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 35.58 | 17.545 | undervalue

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 19,55619,55519,25816,64420,52220,942.8121,372.2621,810.5122,257.7422,714.15
Revenue (%)
Operating Cash Flow 2,4382,4203,1812,9512,6213,009.973,071.693,134.683,198.963,264.55
Operating Cash Flow (%)
Capital Expenditure -1,078-1,425-1,821-1,704-2,082-1,785.94-1,822.56-1,859.93-1,898.07-1,936.99
Capital Expenditure (%)
Free Cash Flow 1,3609951,3601,2475391,224.031,249.131,274.751,300.891,327.56

Weighted Average Cost Of Capital

Share price $ 17.545
Beta 0.610
Diluted Shares Outstanding 1,058.73
Cost of Debt
Tax Rate 25.42
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.603
Total Debt 10,378
Total Equity 18,575.44
Total Capital 28,953.44
Debt Weighting 35.84
Equity Weighting 64.16
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 19,55619,55519,25816,64420,52220,942.8121,372.2621,810.5122,257.7422,714.15
Operating Cash Flow 2,4382,4203,1812,9512,6213,009.973,071.693,134.683,198.963,264.55
Capital Expenditure -1,078-1,425-1,821-1,704-2,082-1,785.94-1,822.56-1,859.93-1,898.07-1,936.99
Free Cash Flow 1,3609951,3601,2475391,224.031,249.131,274.751,300.891,327.56
WACC
PV LFCF 1,170.321,141.901,114.181,087.121,060.73
SUM PV LFCF 5,574.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.59
Free cash flow (t + 1) 1,354.11
Terminal Value 52,282.35
Present Value of Terminal Value 41,773.83

Intrinsic Value

Enterprise Value 47,348.07
Net Debt 9,683
Equity Value 37,665.07
Shares Outstanding 1,058.73
Equity Value Per Share 35.58