Discounted Cash Flow (DCF) Analysis Levered
Freeport-McMoRan Inc. (FCX)
$36.55
-0.02 (-0.05%)
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 | 18,628 | 14,402 | 14,198 | 22,845 | 22,780 | 24,859.57 | 27,128.98 | 29,605.56 | 32,308.23 | 35,257.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,863 | 1,482 | 3,017 | 7,715 | 5,139 | 5,399.88 | 5,892.83 | 6,430.78 | 7,017.84 | 7,658.49 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,068 | -2,652 | -1,961 | -2,115 | -3,469 | -3,371.64 | -3,679.44 | -4,015.33 | -4,381.89 | -4,781.91 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,795 | -1,170 | 1,056 | 5,600 | 1,670 | 2,028.23 | 2,213.39 | 2,415.45 | 2,635.95 | 2,876.59 |
Weighted Average Cost Of Capital
| Share price | $ 36.55 |
|---|---|
| Beta | 2.065 |
| Diluted Shares Outstanding | 1,451 |
| Cost of Debt | |
| Tax Rate | 48.35 |
| After-tax Cost of Debt | 2.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.373 |
| Total Debt | 10,620 |
| Total Equity | 53,034.05 |
| Total Capital | 63,654.05 |
| Debt Weighting | 16.68 |
| Equity Weighting | 83.32 |
| 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 | 18,628 | 14,402 | 14,198 | 22,845 | 22,780 | 24,859.57 | 27,128.98 | 29,605.56 | 32,308.23 | 35,257.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,863 | 1,482 | 3,017 | 7,715 | 5,139 | 5,399.88 | 5,892.83 | 6,430.78 | 7,017.84 | 7,658.49 |
| Capital Expenditure | -2,068 | -2,652 | -1,961 | -2,115 | -3,469 | -3,371.64 | -3,679.44 | -4,015.33 | -4,381.89 | -4,781.91 |
| Free Cash Flow | 1,795 | -1,170 | 1,056 | 5,600 | 1,670 | 2,028.23 | 2,213.39 | 2,415.45 | 2,635.95 | 2,876.59 |
| WACC | ||||||||||
| PV LFCF | 1,804 | 1,751.03 | 1,699.62 | 1,649.71 | 1,601.28 | |||||
| SUM PV LFCF | 8,505.64 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.43 |
| Free cash flow (t + 1) | 2,934.12 |
| Terminal Value | 28,131.53 |
| Present Value of Terminal Value | 15,659.66 |
Intrinsic Value
| Enterprise Value | 24,165.30 |
|---|---|
| Net Debt | 2,474 |
| Equity Value | 21,691.30 |
| Shares Outstanding | 1,451 |
| Equity Value Per Share | 14.95 |