Discounted Cash Flow (DCF) Analysis Levered
Exelon Corporation (EXC)
$37.88
-0.92 (-2.37%)
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 | 35,985 | 34,438 | 33,039 | 17,938 | 19,078 | 16,802.34 | 14,798.13 | 13,032.98 | 11,478.38 | 10,109.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,644 | 6,659 | 4,235 | 3,012 | 4,870 | 3,309.84 | 2,915.04 | 2,567.33 | 2,261.09 | 1,991.38 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7,594 | -7,248 | -8,048 | -7,981 | -7,147 | -4,989.05 | -4,393.95 | -3,869.83 | -3,408.23 | -3,001.69 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,050 | -589 | -3,813 | -4,969 | -2,277 | -1,679.21 | -1,478.91 | -1,302.50 | -1,147.14 | -1,010.31 |
Weighted Average Cost Of Capital
| Share price | $ 37.88 |
|---|---|
| Beta | 0.614 |
| Diluted Shares Outstanding | 987 |
| Cost of Debt | |
| Tax Rate | 9.70 |
| After-tax Cost of Debt | 3.26% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.494 |
| Total Debt | 40,050 |
| Total Equity | 37,387.56 |
| Total Capital | 77,437.56 |
| Debt Weighting | 51.72 |
| Equity Weighting | 48.28 |
| 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 | 35,985 | 34,438 | 33,039 | 17,938 | 19,078 | 16,802.34 | 14,798.13 | 13,032.98 | 11,478.38 | 10,109.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,644 | 6,659 | 4,235 | 3,012 | 4,870 | 3,309.84 | 2,915.04 | 2,567.33 | 2,261.09 | 1,991.38 |
| Capital Expenditure | -7,594 | -7,248 | -8,048 | -7,981 | -7,147 | -4,989.05 | -4,393.95 | -3,869.83 | -3,408.23 | -3,001.69 |
| Free Cash Flow | 1,050 | -589 | -3,813 | -4,969 | -2,277 | -1,679.21 | -1,478.91 | -1,302.50 | -1,147.14 | -1,010.31 |
| WACC | ||||||||||
| PV LFCF | -1,438.20 | -1,202.90 | -1,006.09 | -841.48 | -703.81 | |||||
| SUM PV LFCF | -5,757.47 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.30 |
| Free cash flow (t + 1) | -1,030.51 |
| Terminal Value | -31,227.63 |
| Present Value of Terminal Value | -24,121.10 |
Intrinsic Value
| Enterprise Value | -29,878.57 |
|---|---|
| Net Debt | 39,643 |
| Equity Value | -69,521.57 |
| Shares Outstanding | 987 |
| Equity Value Per Share | -70.44 |