Discounted Cash Flow (DCF) Analysis Levered
Fluor Corporation (FLR)
$35.85
+1.23 (+3.55%)
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 | 19,166.60 | 14,348.02 | 15,668.48 | 12,434.88 | 13,744 | 12,849.02 | 12,012.31 | 11,230.10 | 10,498.81 | 9,815.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 162.20 | 219.02 | 185.88 | 25.33 | 31 | 102.49 | 95.82 | 89.58 | 83.75 | 78.29 |
| 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 | -48.80 | 38.18 | 72.44 | -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 | 19,166.60 | 14,348.02 | 15,668.48 | 12,434.88 | 13,744 | 12,849.02 | 12,012.31 | 11,230.10 | 10,498.81 | 9,815.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 162.20 | 219.02 | 185.88 | 25.33 | 31 | 102.49 | 95.82 | 89.58 | 83.75 | 78.29 |
| Capital Expenditure | -211 | -180.84 | -113.44 | -75.07 | -75 | -108.82 | -101.74 | -95.11 | -88.92 | -83.13 |
| Free Cash Flow | -48.80 | 38.18 | 72.44 | -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 |