Discounted Cash Flow (DCF) Analysis Levered

Enterprise Products Partners L.P. (EPD)

$27.45

+0.06 (+0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 48.89 | 27.45 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 32,789.2027,199.7040,806.9058,18649,71557,297.8366,037.2476,109.6387,718.33101,097.66
Revenue (%)
Operating Cash Flow 6,520.505,891.508,512.508,0397,56910,479.4912,077.8913,920.0816,043.2518,490.27
Operating Cash Flow (%)
Capital Expenditure -4,531.70-3,287.90-2,223.20-1,964-3,266-4,732.99-5,454.89-6,286.90-7,245.82-8,351
Capital Expenditure (%)
Free Cash Flow 1,988.802,603.606,289.306,0754,3035,746.506,6237,633.178,797.4310,139.27

Weighted Average Cost Of Capital

Share price $ 27.45
Beta 0.984
Diluted Shares Outstanding 2,194
Cost of Debt
Tax Rate 2.96
After-tax Cost of Debt 4.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.906
Total Debt 29,021
Total Equity 60,225.30
Total Capital 89,246.30
Debt Weighting 32.52
Equity Weighting 67.48
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 32,789.2027,199.7040,806.9058,18649,71557,297.8366,037.2476,109.6387,718.33101,097.66
Operating Cash Flow 6,520.505,891.508,512.508,0397,56910,479.4912,077.8913,920.0816,043.2518,490.27
Capital Expenditure -4,531.70-3,287.90-2,223.20-1,964-3,266-4,732.99-5,454.89-6,286.90-7,245.82-8,351
Free Cash Flow 1,988.802,603.606,289.306,0754,3035,746.506,6237,633.178,797.4310,139.27
WACC
PV LFCF 5,351.065,742.846,163.306,614.557,098.84
SUM PV LFCF 30,970.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.39
Free cash flow (t + 1) 10,342.05
Terminal Value 191,874.85
Present Value of Terminal Value 134,337.99

Intrinsic Value

Enterprise Value 165,308.59
Net Debt 58,042
Equity Value 107,266.59
Shares Outstanding 2,194
Equity Value Per Share 48.89