Discounted Cash Flow (DCF) Analysis Levered

Fluor Corporation (FLR)

$35.85

+1.23 (+3.55%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.94 | 35.85 | 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 19,166.6014,348.0215,668.4812,434.8813,74412,849.0212,012.3111,230.1010,498.819,815.15
Revenue (%)
Operating Cash Flow 162.20219.02185.8825.3331102.4995.8289.5883.7578.29
Operating Cash Flow (%)
Capital Expenditure -211-180.84-113.44-75.07-75-108.82-101.74-95.11-88.92-83.13
Capital Expenditure (%)
Free Cash Flow -48.8038.1872.44-49.74-44-6.33-5.92-5.53-5.17-4.84

Weighted Average Cost Of Capital

Share price $ 35.85
Beta 2.260
Diluted Shares Outstanding 141.41
Cost of Debt
Tax Rate 70.08
After-tax Cost of Debt 1.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.405
Total Debt 1,130
Total Equity 5,069.62
Total Capital 6,199.62
Debt Weighting 18.23
Equity Weighting 81.77
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 19,166.6014,348.0215,668.4812,434.8813,74412,849.0212,012.3111,230.1010,498.819,815.15
Operating Cash Flow 162.20219.02185.8825.3331102.4995.8289.5883.7578.29
Capital Expenditure -211-180.84-113.44-75.07-75-108.82-101.74-95.11-88.92-83.13
Free Cash Flow -48.8038.1872.44-49.74-44-6.33-5.92-5.53-5.17-4.84
WACC
PV LFCF -5.61-4.64-3.85-3.19-2.64
SUM PV LFCF -19.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.88
Free cash flow (t + 1) -4.93
Terminal Value -45.34
Present Value of Terminal Value -24.74

Intrinsic Value

Enterprise Value -44.66
Net Debt -1,309
Equity Value 1,264.34
Shares Outstanding 141.41
Equity Value Per Share 8.94