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
Stock DCF: 28.47 | 25.59 | undervalue

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 29,241.5036,534.2032,789.2027,199.7040,806.9045,669.9751,112.5957,203.8364,020.9771,650.53
Revenue (%)
Operating Cash Flow 4,666.306,126.306,520.505,891.508,5128,689.359,724.8810,883.8312,180.8813,632.51
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 1,518.401,903.101,988.802,603.606,2893,786.124,237.334,742.305,307.455,939.96

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 29,241.5036,534.2032,789.2027,199.7040,806.9045,669.9751,112.5957,203.8364,020.9771,650.53
Operating Cash Flow 4,666.306,126.306,520.505,891.508,5128,689.359,724.8810,883.8312,180.8813,632.51
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 1,518.401,903.101,988.802,603.606,2893,786.124,237.334,742.305,307.455,939.96
WACC
PV LFCF 3,433.503,484.793,536.853,589.693,643.31
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