Discounted Cash Flow (DCF) Analysis Levered
Enterprise Products Partners L.P. (EPD)
$25.59
-0.45 (-1.73%)
All numbers are in Millions, Currency in USD
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 | 29,241.50 | 36,534.20 | 32,789.20 | 27,199.70 | 40,806.90 | 45,669.97 | 51,112.59 | 57,203.83 | 64,020.97 | 71,650.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,666.30 | 6,126.30 | 6,520.50 | 5,891.50 | 8,512 | 8,689.35 | 9,724.88 | 10,883.83 | 12,180.88 | 13,632.51 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,147.90 | -4,223.20 | -4,531.70 | -3,287.90 | -2,223 | -4,903.23 | -5,487.56 | -6,141.53 | -6,873.43 | -7,692.56 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,518.40 | 1,903.10 | 1,988.80 | 2,603.60 | 6,289 | 3,786.12 | 4,237.33 | 4,742.30 | 5,307.45 | 5,939.96 |
Weighted Average Cost Of Capital
| Share price | $ 25.59 |
|---|---|
| Beta | 1.069 |
| Diluted Shares Outstanding | 2,200.40 |
| Cost of Debt | |
| Tax Rate | 3.89 |
| After-tax Cost of Debt | 44.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.595 |
| Total Debt | 2,798 |
| Total Equity | 56,308.24 |
| Total Capital | 59,106.24 |
| Debt Weighting | 4.73 |
| Equity Weighting | 95.27 |
| 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 | 29,241.50 | 36,534.20 | 32,789.20 | 27,199.70 | 40,806.90 | 45,669.97 | 51,112.59 | 57,203.83 | 64,020.97 | 71,650.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,666.30 | 6,126.30 | 6,520.50 | 5,891.50 | 8,512 | 8,689.35 | 9,724.88 | 10,883.83 | 12,180.88 | 13,632.51 |
| Capital Expenditure | -3,147.90 | -4,223.20 | -4,531.70 | -3,287.90 | -2,223 | -4,903.23 | -5,487.56 | -6,141.53 | -6,873.43 | -7,692.56 |
| Free Cash Flow | 1,518.40 | 1,903.10 | 1,988.80 | 2,603.60 | 6,289 | 3,786.12 | 4,237.33 | 4,742.30 | 5,307.45 | 5,939.96 |
| WACC | ||||||||||
| PV LFCF | 3,433.50 | 3,484.79 | 3,536.85 | 3,589.69 | 3,643.31 | |||||
| SUM PV LFCF | 17,688.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.27 |
| Free cash flow (t + 1) | 6,058.76 |
| Terminal Value | 73,261.87 |
| Present Value of Terminal Value | 44,935.66 |
Intrinsic Value
| Enterprise Value | 62,623.81 |
|---|---|
| Net Debt | -21 |
| Equity Value | 62,644.81 |
| Shares Outstanding | 2,200.40 |
| Equity Value Per Share | 28.47 |