Discounted Cash Flow (DCF) Analysis Levered
Fluor Corporation (FLR)
$25.92
-0.63 (-2.37%)
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 | 19,520.97 | 19,166.60 | 14,348.02 | 15,668.48 | 12,434.88 | 11,241.43 | 10,162.52 | 9,187.17 | 8,305.42 | 7,508.30 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 601.97 | 162.16 | 219.02 | 185.88 | 25.33 | 153.93 | 139.15 | 125.80 | 113.72 | 102.81 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -283.11 | -211 | -180.84 | -113.44 | -75.07 | -115.55 | -104.46 | -94.43 | -85.37 | -77.17 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 318.86 | -48.83 | 38.18 | 72.44 | -49.74 | 38.38 | 34.70 | 31.37 | 28.36 | 25.63 |
Weighted Average Cost Of Capital
Share price | $ 25.92 |
---|---|
Beta | 2.780 |
Diluted Shares Outstanding | 141.41 |
Cost of Debt | |
Tax Rate | -244.68 |
After-tax Cost of Debt | 7.23% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 15.881 |
Total Debt | 1,168.28 |
Total Equity | 3,665.40 |
Total Capital | 4,833.68 |
Debt Weighting | 24.17 |
Equity Weighting | 75.83 |
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 | 19,520.97 | 19,166.60 | 14,348.02 | 15,668.48 | 12,434.88 | 11,241.43 | 10,162.52 | 9,187.17 | 8,305.42 | 7,508.30 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 601.97 | 162.16 | 219.02 | 185.88 | 25.33 | 153.93 | 139.15 | 125.80 | 113.72 | 102.81 |
Capital Expenditure | -283.11 | -211 | -180.84 | -113.44 | -75.07 | -115.55 | -104.46 | -94.43 | -85.37 | -77.17 |
Free Cash Flow | 318.86 | -48.83 | 38.18 | 72.44 | -49.74 | 38.38 | 34.70 | 31.37 | 28.36 | 25.63 |
WACC | ||||||||||
PV LFCF | 33.73 | 26.80 | 21.29 | 16.91 | 13.44 | |||||
SUM PV LFCF | 112.16 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 13.79 |
Free cash flow (t + 1) | 26.15 |
Terminal Value | 221.77 |
Present Value of Terminal Value | 116.25 |
Intrinsic Value
Enterprise Value | 228.41 |
---|---|
Net Debt | -1,041.11 |
Equity Value | 1,269.52 |
Shares Outstanding | 141.41 |
Equity Value Per Share | 8.98 |