Discounted Cash Flow (DCF) Analysis Levered
Enphase Energy, Inc. (ENPH)
$183.125
+0.52 (+0.28%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 624.33 | 774.43 | 1,382.05 | 2,330.85 | 3,660.63 | 5,749.07 | 9,028.98 | 14,180.13 | 22,270.07 | 34,975.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 139.07 | 216.33 | 352.03 | 744.82 | 985.03 | 1,547.01 | 2,429.60 | 3,815.71 | 5,992.62 | 9,411.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -14.79 | -20.56 | -52.51 | -46.44 | -98.97 | -155.44 | -244.12 | -383.40 | -602.13 | -945.65 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 124.28 | 195.78 | 299.52 | 698.37 | 886.06 | 1,391.57 | 2,185.47 | 3,432.31 | 5,390.49 | 8,465.83 |
Weighted Average Cost Of Capital
| Share price | $ 183.125 |
|---|---|
| Beta | 1.516 |
| Diluted Shares Outstanding | 144.39 |
| Cost of Debt | |
| Tax Rate | 12.10 |
| After-tax Cost of Debt | 4.40% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.947 |
| Total Debt | 1,292.39 |
| Total Equity | 26,441.42 |
| Total Capital | 27,733.81 |
| Debt Weighting | 4.66 |
| Equity Weighting | 95.34 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 624.33 | 774.43 | 1,382.05 | 2,330.85 | 3,660.63 | 5,749.07 | 9,028.98 | 14,180.13 | 22,270.07 | 34,975.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 139.07 | 216.33 | 352.03 | 744.82 | 985.03 | 1,547.01 | 2,429.60 | 3,815.71 | 5,992.62 | 9,411.48 |
| Capital Expenditure | -14.79 | -20.56 | -52.51 | -46.44 | -98.97 | -155.44 | -244.12 | -383.40 | -602.13 | -945.65 |
| Free Cash Flow | 124.28 | 195.78 | 299.52 | 698.37 | 886.06 | 1,391.57 | 2,185.47 | 3,432.31 | 5,390.49 | 8,465.83 |
| WACC | ||||||||||
| PV LFCF | 800.85 | 1,136.79 | 1,613.65 | 2,290.54 | 3,251.38 | 4,615.27 | ||||
| SUM PV LFCF | 14,281 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.64 |
| Free cash flow (t + 1) | 8,635.15 |
| Terminal Value | 99,943.85 |
| Present Value of Terminal Value | 60,283.05 |
Intrinsic Value
| Enterprise Value | 74,564.05 |
|---|---|
| Net Debt | 1,006.35 |
| Equity Value | 73,557.70 |
| Shares Outstanding | 144.39 |
| Equity Value Per Share | 509.44 |