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 |