Discounted Cash Flow (DCF) Analysis Levered
Enbridge Inc. (ENB)
$31.38
-0.61 (-1.97%)
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 | 46,378 | 50,069 | 39,087 | 47,071 | 53,309 | 55,934.91 | 58,690.17 | 61,581.15 | 64,614.54 | 67,797.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 10,502 | 9,398 | 9,781 | 9,256 | 11,230 | 11,988.85 | 12,579.40 | 13,199.04 | 13,849.21 | 14,531.40 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7,346 | -5,692 | -5,620 | -8,093 | -4,821 | -7,587.30 | -7,961.04 | -8,353.18 | -8,764.65 | -9,196.38 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,156 | 3,706 | 4,161 | 1,163 | 6,409 | 4,401.55 | 4,618.37 | 4,845.86 | 5,084.56 | 5,335.02 |
Weighted Average Cost Of Capital
| Share price | $ 31.38 |
|---|---|
| Beta | 0.896 |
| Diluted Shares Outstanding | 2,029 |
| Cost of Debt | |
| Tax Rate | 33.88 |
| After-tax Cost of Debt | 2.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.981 |
| Total Debt | 80,980 |
| Total Equity | 63,670.02 |
| Total Capital | 144,650.02 |
| Debt Weighting | 55.98 |
| Equity Weighting | 44.02 |
| 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 | 46,378 | 50,069 | 39,087 | 47,071 | 53,309 | 55,934.91 | 58,690.17 | 61,581.15 | 64,614.54 | 67,797.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 10,502 | 9,398 | 9,781 | 9,256 | 11,230 | 11,988.85 | 12,579.40 | 13,199.04 | 13,849.21 | 14,531.40 |
| Capital Expenditure | -7,346 | -5,692 | -5,620 | -8,093 | -4,821 | -7,587.30 | -7,961.04 | -8,353.18 | -8,764.65 | -9,196.38 |
| Free Cash Flow | 3,156 | 3,706 | 4,161 | 1,163 | 6,409 | 4,401.55 | 4,618.37 | 4,845.86 | 5,084.56 | 5,335.02 |
| WACC | ||||||||||
| PV LFCF | 4,174.86 | 4,154.89 | 4,135.03 | 4,115.25 | 4,095.57 | |||||
| SUM PV LFCF | 20,675.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.43 |
| Free cash flow (t + 1) | 5,441.72 |
| Terminal Value | 158,650.61 |
| Present Value of Terminal Value | 121,792.55 |
Intrinsic Value
| Enterprise Value | 142,468.15 |
|---|---|
| Net Debt | 80,119 |
| Equity Value | 62,349.15 |
| Shares Outstanding | 2,029 |
| Equity Value Per Share | 30.73 |