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 |