Discounted Cash Flow (DCF) Analysis Levered
Eversource Energy (ES)
$61.81
-0.77 (-1.23%)
All numbers are in Millions, Currency in USD
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 | 8,448.20 | 8,526.47 | 8,904.43 | 9,863.09 | 12,289.34 | 13,540.53 | 14,919.11 | 16,438.05 | 18,111.63 | 19,955.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,783.98 | 2,009.58 | 1,682.57 | 1,962.60 | 2,401.29 | 2,789.87 | 3,073.91 | 3,386.87 | 3,731.70 | 4,111.63 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,523.37 | -2,911.49 | -2,943 | -3,175.08 | -3,441.85 | -4,258.89 | -4,692.49 | -5,170.24 | -5,696.63 | -6,276.62 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -739.39 | -901.91 | -1,260.42 | -1,212.48 | -1,040.56 | -1,469.02 | -1,618.58 | -1,783.37 | -1,964.94 | -2,164.99 |
Weighted Average Cost Of Capital
| Share price | $ 61.81 |
|---|---|
| Beta | 0.499 |
| Diluted Shares Outstanding | 347.25 |
| Cost of Debt | |
| Tax Rate | 24.71 |
| After-tax Cost of Debt | 2.23% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.897 |
| Total Debt | 22,940.03 |
| Total Equity | 21,463.32 |
| Total Capital | 44,403.35 |
| Debt Weighting | 51.66 |
| Equity Weighting | 48.34 |
| 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 | 8,448.20 | 8,526.47 | 8,904.43 | 9,863.09 | 12,289.34 | 13,540.53 | 14,919.11 | 16,438.05 | 18,111.63 | 19,955.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,783.98 | 2,009.58 | 1,682.57 | 1,962.60 | 2,401.29 | 2,789.87 | 3,073.91 | 3,386.87 | 3,731.70 | 4,111.63 |
| Capital Expenditure | -2,523.37 | -2,911.49 | -2,943 | -3,175.08 | -3,441.85 | -4,258.89 | -4,692.49 | -5,170.24 | -5,696.63 | -6,276.62 |
| Free Cash Flow | -739.39 | -901.91 | -1,260.42 | -1,212.48 | -1,040.56 | -1,469.02 | -1,618.58 | -1,783.37 | -1,964.94 | -2,164.99 |
| WACC | ||||||||||
| PV LFCF | -1,405.89 | -1,482.47 | -1,563.21 | -1,648.35 | -1,738.13 | |||||
| SUM PV LFCF | -7,838.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.49 |
| Free cash flow (t + 1) | -2,208.29 |
| Terminal Value | -88,686.35 |
| Present Value of Terminal Value | -71,200.51 |
Intrinsic Value
| Enterprise Value | -79,038.56 |
|---|---|
| Net Debt | 22,565.42 |
| Equity Value | -101,603.99 |
| Shares Outstanding | 347.25 |
| Equity Value Per Share | -292.60 |