Discounted Cash Flow (DCF) Analysis Levered

Exelon Corporation (EXC)

$40.34

+0.59 (+1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -24.26 | 40.34 | overvalue

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 35,98534,43833,03936,34719,07816,890.6914,954.1513,239.6411,721.7010,377.79
Revenue (%)
Operating Cash Flow 8,6446,6594,2353,0124,8703,039.952,691.422,382.852,109.651,867.78
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 35,98534,43833,03936,34719,07816,890.6914,954.1513,239.6411,721.7010,377.79
Operating Cash Flow 8,6446,6594,2353,0124,8703,039.952,691.422,382.852,109.651,867.78
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