Discounted Cash Flow (DCF) Analysis Levered
Golar LNG Limited (GLNG)
$22.24
-0.12 (-0.54%)
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 | 143.54 | 430.60 | 448.75 | 438.64 | 451.77 | 683.24 | 1,033.31 | 1,562.74 | 2,363.45 | 3,574.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 47.13 | 116.67 | 106.55 | 145.78 | 253.88 | 236.55 | 357.75 | 541.05 | 818.27 | 1,237.52 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -391.90 | -149.83 | -400.66 | -302.18 | -214.41 | -701.63 | -1,061.13 | -1,604.82 | -2,427.08 | -3,670.65 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -344.77 | -33.15 | -294.12 | -156.40 | 39.48 | -465.08 | -703.38 | -1,063.77 | -1,608.81 | -2,433.12 |
Weighted Average Cost Of Capital
| Share price | $ 22.24 |
|---|---|
| Beta | 0.669 |
| Diluted Shares Outstanding | 108.22 |
| Cost of Debt | |
| Tax Rate | 6,209.40 |
| After-tax Cost of Debt | -139.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.873 |
| Total Debt | 2,421.23 |
| Total Equity | 2,406.87 |
| Total Capital | 4,828.10 |
| Debt Weighting | 50.15 |
| Equity Weighting | 49.85 |
| 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 | 143.54 | 430.60 | 448.75 | 438.64 | 451.77 | 683.24 | 1,033.31 | 1,562.74 | 2,363.45 | 3,574.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 47.13 | 116.67 | 106.55 | 145.78 | 253.88 | 236.55 | 357.75 | 541.05 | 818.27 | 1,237.52 |
| Capital Expenditure | -391.90 | -149.83 | -400.66 | -302.18 | -214.41 | -701.63 | -1,061.13 | -1,604.82 | -2,427.08 | -3,670.65 |
| Free Cash Flow | -344.77 | -33.15 | -294.12 | -156.40 | 39.48 | -465.08 | -703.38 | -1,063.77 | -1,608.81 | -2,433.12 |
| WACC | ||||||||||
| PV LFCF | -1,385.41 | -6,241.46 | -28,118.57 | -126,677.72 | -570,699.29 | |||||
| SUM PV LFCF | -733,122.45 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -66.43 |
| Free cash flow (t + 1) | -2,481.79 |
| Terminal Value | 3,626.75 |
| Present Value of Terminal Value | 850,669.70 |
Intrinsic Value
| Enterprise Value | 117,547.25 |
|---|---|
| Net Debt | 2,152.60 |
| Equity Value | 115,394.65 |
| Shares Outstanding | 108.22 |
| Equity Value Per Share | 1,066.27 |