Discounted Cash Flow (DCF) Analysis Levered
Eversource Energy (ES)
$90.37
+0.93 (+1.04%)
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 | 7,752 | 8,448.20 | 8,526.50 | 8,904.43 | 9,863.09 | 10,482.15 | 11,140.06 | 11,839.28 | 12,582.37 | 13,372.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 638.40 | 1,783.98 | 2,009.58 | 1,682.57 | 1,962.60 | 1,922.74 | 2,043.42 | 2,171.68 | 2,307.98 | 2,452.84 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -719.62 | -2,523.37 | -2,911.49 | -2,943 | -3,175.08 | -2,904.41 | -3,086.70 | -3,280.44 | -3,486.34 | -3,705.16 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -81.22 | -739.39 | -901.91 | -1,260.42 | -1,212.48 | -981.67 | -1,043.28 | -1,108.77 | -1,178.36 | -1,252.32 |
Weighted Average Cost Of Capital
| Share price | $ 90.37 |
|---|---|
| Beta | 0.430 |
| Diluted Shares Outstanding | 344.67 |
| Cost of Debt | |
| Tax Rate | 22.37 |
| After-tax Cost of Debt | 2.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.816 |
| Total Debt | 20,219.04 |
| Total Equity | 31,147.81 |
| Total Capital | 51,366.84 |
| Debt Weighting | 39.36 |
| Equity Weighting | 60.64 |
| 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 | 7,752 | 8,448.20 | 8,526.50 | 8,904.43 | 9,863.09 | 10,482.15 | 11,140.06 | 11,839.28 | 12,582.37 | 13,372.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 638.40 | 1,783.98 | 2,009.58 | 1,682.57 | 1,962.60 | 1,922.74 | 2,043.42 | 2,171.68 | 2,307.98 | 2,452.84 |
| Capital Expenditure | -719.62 | -2,523.37 | -2,911.49 | -2,943 | -3,175.08 | -2,904.41 | -3,086.70 | -3,280.44 | -3,486.34 | -3,705.16 |
| Free Cash Flow | -81.22 | -739.39 | -901.91 | -1,260.42 | -1,212.48 | -981.67 | -1,043.28 | -1,108.77 | -1,178.36 | -1,252.32 |
| WACC | ||||||||||
| PV LFCF | -945.73 | -968.29 | -991.40 | -1,015.05 | -1,039.27 | |||||
| SUM PV LFCF | -4,959.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.80 |
| Free cash flow (t + 1) | -1,277.36 |
| Terminal Value | -70,964.67 |
| Present Value of Terminal Value | -58,891.88 |
Intrinsic Value
| Enterprise Value | -63,851.63 |
|---|---|
| Net Debt | 20,152.26 |
| Equity Value | -84,003.89 |
| Shares Outstanding | 344.67 |
| Equity Value Per Share | -243.72 |