Discounted Cash Flow (DCF) Analysis Levered

Enterprise Products Partners L.P. (EPD)

$25.31

+0.34 (+1.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 80.27 | 25.31 | undervalue

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 36,534.2032,789.2027,199.7040,806.9058,18667,687.5178,740.5891,598.57106,556.20123,956.36
Revenue (%)
Operating Cash Flow 6,126.306,520.505,891.508,5128,03912,588.5514,644.2117,035.5419,817.3723,053.46
Operating Cash Flow (%)
Capital Expenditure -4,223.20-4,531.70-3,287.90-2,223-1,964-6,266.68-7,290-8,480.43-9,865.25-11,476.20
Capital Expenditure (%)
Free Cash Flow 1,903.101,988.802,603.606,2896,0756,321.877,354.208,555.119,952.1211,577.26

Weighted Average Cost Of Capital

Share price $ 25.31
Beta 1.054
Diluted Shares Outstanding 2,200.40
Cost of Debt
Tax Rate 3.63
After-tax Cost of Debt 4.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.357
Total Debt 28,295
Total Equity 55,692.12
Total Capital 83,987.12
Debt Weighting 33.69
Equity Weighting 66.31
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 36,534.2032,789.2027,199.7040,806.9058,18667,687.5178,740.5891,598.57106,556.20123,956.36
Operating Cash Flow 6,126.306,520.505,891.508,5128,03912,588.5514,644.2117,035.5419,817.3723,053.46
Capital Expenditure -4,223.20-4,531.70-3,287.90-2,223-1,964-6,266.68-7,290-8,480.43-9,865.25-11,476.20
Free Cash Flow 1,903.101,988.802,603.606,2896,0756,321.877,354.208,555.119,952.1211,577.26
WACC
PV LFCF 5,909.956,427.056,989.407,600.958,266.01
SUM PV LFCF 35,193.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.97
Free cash flow (t + 1) 11,808.80
Terminal Value 237,601.71
Present Value of Terminal Value 169,644.42

Intrinsic Value

Enterprise Value 204,837.77
Net Debt 28,219
Equity Value 176,618.77
Shares Outstanding 2,200.40
Equity Value Per Share 80.27