Discounted Cash Flow (DCF) Analysis Levered
Eversource Energy (ES)
$70.01
+1.18 (+1.71%)
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 | 8,526.50 | 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 | 746.73 | 2,425.27 | 2,672.19 | 2,944.25 | 3,244 | 3,574.28 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,523.37 | -2,911.49 | -2,943 | -3,175.08 | -3,971.22 | -4,375.54 | -4,821.02 | -5,311.86 | -5,852.66 | -6,448.53 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -739.39 | -901.91 | -1,260.42 | -1,212.48 | -3,224.50 | -1,950.27 | -2,148.83 | -2,367.61 | -2,608.66 | -2,874.25 |
Weighted Average Cost Of Capital
| Share price | $ 70.01 |
|---|---|
| Beta | 0.479 |
| Diluted Shares Outstanding | 344.63 |
| Cost of Debt | |
| Tax Rate | 24.71 |
| After-tax Cost of Debt | 2.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.951 |
| Total Debt | 22,486.32 |
| Total Equity | 24,127.62 |
| Total Capital | 46,613.94 |
| Debt Weighting | 48.24 |
| Equity Weighting | 51.76 |
| 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 | 8,526.50 | 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 | 746.73 | 2,425.27 | 2,672.19 | 2,944.25 | 3,244 | 3,574.28 |
| Capital Expenditure | -2,523.37 | -2,911.49 | -2,943 | -3,175.08 | -3,971.22 | -4,375.54 | -4,821.02 | -5,311.86 | -5,852.66 | -6,448.53 |
| Free Cash Flow | -739.39 | -901.91 | -1,260.42 | -1,212.48 | -3,224.50 | -1,950.27 | -2,148.83 | -2,367.61 | -2,608.66 | -2,874.25 |
| WACC | ||||||||||
| PV LFCF | -1,872.02 | -1,979.86 | -2,093.91 | -2,214.52 | -2,342.09 | |||||
| SUM PV LFCF | -10,502.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.18 |
| Free cash flow (t + 1) | -2,931.74 |
| Terminal Value | -134,483.31 |
| Present Value of Terminal Value | -109,583.87 |
Intrinsic Value
| Enterprise Value | -120,086.26 |
|---|---|
| Net Debt | 22,438.73 |
| Equity Value | -142,524.99 |
| Shares Outstanding | 344.63 |
| Equity Value Per Share | -413.56 |