Discounted Cash Flow (DCF) Analysis Levered
Galp Energia, SGPS, S.A. (GALP.LS)
14.04 €
-0.09 (-0.64%)
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 | 17,182 | 16,560 | 11,389 | 16,111 | 26,839 | 31,750.75 | 37,561.39 | 44,435.43 | 52,567.46 | 62,187.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,479 | 1,892 | 888 | 1,052 | 3,071 | 2,908.49 | 3,440.77 | 4,070.46 | 4,815.39 | 5,696.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,110 | -1,111 | -649 | -779 | -1,078 | -1,760.22 | -2,082.36 | -2,463.45 | -2,914.28 | -3,447.61 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 369 | 781 | 239 | 273 | 1,993 | 1,148.27 | 1,358.41 | 1,607.01 | 1,901.11 | 2,249.03 |
Weighted Average Cost Of Capital
| Share price | $ 14.04 |
|---|---|
| Beta | 0.878 |
| Diluted Shares Outstanding | 814.92 |
| Cost of Debt | |
| Tax Rate | 54.56 |
| After-tax Cost of Debt | 1.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.716 |
| Total Debt | 5,264 |
| Total Equity | 11,441.44 |
| Total Capital | 16,705.44 |
| Debt Weighting | 31.51 |
| Equity Weighting | 68.49 |
| 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 | 17,182 | 16,560 | 11,389 | 16,111 | 26,839 | 31,750.75 | 37,561.39 | 44,435.43 | 52,567.46 | 62,187.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,479 | 1,892 | 888 | 1,052 | 3,071 | 2,908.49 | 3,440.77 | 4,070.46 | 4,815.39 | 5,696.64 |
| Capital Expenditure | -1,110 | -1,111 | -649 | -779 | -1,078 | -1,760.22 | -2,082.36 | -2,463.45 | -2,914.28 | -3,447.61 |
| Free Cash Flow | 369 | 781 | 239 | 273 | 1,993 | 1,148.27 | 1,358.41 | 1,607.01 | 1,901.11 | 2,249.03 |
| WACC | ||||||||||
| PV LFCF | 1,080.22 | 1,202.17 | 1,337.89 | 1,488.93 | 1,657.02 | |||||
| SUM PV LFCF | 6,766.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.30 |
| Free cash flow (t + 1) | 2,294.01 |
| Terminal Value | 53,348.99 |
| Present Value of Terminal Value | 39,306.09 |
Intrinsic Value
| Enterprise Value | 46,072.31 |
|---|---|
| Net Debt | 2,832 |
| Equity Value | 43,240.31 |
| Shares Outstanding | 814.92 |
| Equity Value Per Share | 53.06 |