Discounted Cash Flow (DCF) Analysis Levered
Exelon Corporation (EXC)
$47.89
+0.74 (+1.57%)
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 | 33,531 | 35,985 | 34,438 | 33,039 | 36,347 | 37,162.05 | 37,995.37 | 38,847.38 | 39,718.50 | 40,609.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 7,480 | 8,644 | 6,659 | 4,235 | 3,012 | 6,449.10 | 6,593.72 | 6,741.58 | 6,892.75 | 7,047.31 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7,584 | -7,594 | -7,248 | -8,048 | -7,981 | -8,256.26 | -8,441.40 | -8,630.69 | -8,824.22 | -9,022.10 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -104 | 1,050 | -589 | -3,813 | -4,969 | -1,807.15 | -1,847.68 | -1,889.11 | -1,931.47 | -1,974.78 |
Weighted Average Cost Of Capital
| Share price | $ 47.89 |
|---|---|
| Beta | 0.588 |
| Diluted Shares Outstanding | 980 |
| Cost of Debt | |
| Tax Rate | 22.74 |
| After-tax Cost of Debt | 2.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.635 |
| Total Debt | 42,417 |
| Total Equity | 46,932.20 |
| Total Capital | 89,349.20 |
| Debt Weighting | 47.47 |
| Equity Weighting | 52.53 |
| 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 | 33,531 | 35,985 | 34,438 | 33,039 | 36,347 | 37,162.05 | 37,995.37 | 38,847.38 | 39,718.50 | 40,609.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 7,480 | 8,644 | 6,659 | 4,235 | 3,012 | 6,449.10 | 6,593.72 | 6,741.58 | 6,892.75 | 7,047.31 |
| Capital Expenditure | -7,584 | -7,594 | -7,248 | -8,048 | -7,981 | -8,256.26 | -8,441.40 | -8,630.69 | -8,824.22 | -9,022.10 |
| Free Cash Flow | -104 | 1,050 | -589 | -3,813 | -4,969 | -1,807.15 | -1,847.68 | -1,889.11 | -1,931.47 | -1,974.78 |
| WACC | ||||||||||
| PV LFCF | -1,402.13 | -1,374.21 | -1,346.84 | -1,320.02 | -1,293.73 | |||||
| SUM PV LFCF | -8,323.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.32 |
| Free cash flow (t + 1) | -2,014.28 |
| Terminal Value | -86,822.36 |
| Present Value of Terminal Value | -70,273.84 |
Intrinsic Value
| Enterprise Value | -78,597.23 |
|---|---|
| Net Debt | 41,235 |
| Equity Value | -119,832.23 |
| Shares Outstanding | 980 |
| Equity Value Per Share | -122.28 |