Discounted Cash Flow (DCF) Analysis Levered
Exelon Corporation (EXC)
$40.34
+0.59 (+1.48%)
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 | 36,347 | 19,078 | 16,890.69 | 14,954.15 | 13,239.64 | 11,721.70 | 10,377.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,644 | 6,659 | 4,235 | 3,012 | 4,870 | 3,039.95 | 2,691.42 | 2,382.85 | 2,109.65 | 1,867.78 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7,594 | -7,248 | -8,048 | -7,981 | -7,147 | -4,254.04 | -3,766.31 | -3,334.50 | -2,952.20 | -2,613.72 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,050 | -589 | -3,813 | -4,969 | -2,277 | -1,214.09 | -1,074.89 | -951.65 | -842.55 | -745.95 |
Weighted Average Cost Of Capital
| Share price | $ 40.34 |
|---|---|
| Beta | 0.611 |
| Diluted Shares Outstanding | 980 |
| Cost of Debt | |
| Tax Rate | 9.70 |
| After-tax Cost of Debt | 11.58% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.667 |
| Total Debt | 11,095 |
| Total Equity | 39,533.20 |
| Total Capital | 50,628.20 |
| Debt Weighting | 21.91 |
| Equity Weighting | 78.09 |
| 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 | 36,347 | 19,078 | 16,890.69 | 14,954.15 | 13,239.64 | 11,721.70 | 10,377.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,644 | 6,659 | 4,235 | 3,012 | 4,870 | 3,039.95 | 2,691.42 | 2,382.85 | 2,109.65 | 1,867.78 |
| Capital Expenditure | -7,594 | -7,248 | -8,048 | -7,981 | -7,147 | -4,254.04 | -3,766.31 | -3,334.50 | -2,952.20 | -2,613.72 |
| Free Cash Flow | 1,050 | -589 | -3,813 | -4,969 | -2,277 | -1,214.09 | -1,074.89 | -951.65 | -842.55 | -745.95 |
| WACC | ||||||||||
| PV LFCF | -1,126.87 | -926 | -760.94 | -625.30 | -513.83 | |||||
| SUM PV LFCF | -3,952.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.74 |
| Free cash flow (t + 1) | -760.87 |
| Terminal Value | -13,255.50 |
| Present Value of Terminal Value | -9,130.85 |
Intrinsic Value
| Enterprise Value | -13,083.78 |
|---|---|
| Net Debt | 10,688 |
| Equity Value | -23,771.78 |
| Shares Outstanding | 980 |
| Equity Value Per Share | -24.26 |