Discounted Cash Flow (DCF) Analysis Levered
Halliburton Company (HAL)
$30.46
-1.48 (-4.63%)
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 | 23,995 | 22,408 | 14,445 | 15,295 | 20,297 | 20,116.23 | 19,937.08 | 19,759.52 | 19,583.54 | 19,409.13 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 3,157 | 2,445 | 1,881 | 1,911 | 2,242 | 2,439.30 | 2,417.58 | 2,396.05 | 2,374.71 | 2,353.56 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2,026 | -1,530 | -728 | -799 | -1,011 | -1,227.74 | -1,216.80 | -1,205.97 | -1,195.23 | -1,184.58 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 1,131 | 915 | 1,153 | 1,112 | 1,231 | 1,211.57 | 1,200.78 | 1,190.08 | 1,179.48 | 1,168.98 |
Weighted Average Cost Of Capital
Share price | $ 30.46 |
---|---|
Beta | 2.140 |
Diluted Shares Outstanding | 908 |
Cost of Debt | |
Tax Rate | 25.50 |
After-tax Cost of Debt | 3.12% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 13.601 |
Total Debt | 8,943 |
Total Equity | 27,657.68 |
Total Capital | 36,600.68 |
Debt Weighting | 24.43 |
Equity Weighting | 75.57 |
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 | 23,995 | 22,408 | 14,445 | 15,295 | 20,297 | 20,116.23 | 19,937.08 | 19,759.52 | 19,583.54 | 19,409.13 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 3,157 | 2,445 | 1,881 | 1,911 | 2,242 | 2,439.30 | 2,417.58 | 2,396.05 | 2,374.71 | 2,353.56 |
Capital Expenditure | -2,026 | -1,530 | -728 | -799 | -1,011 | -1,227.74 | -1,216.80 | -1,205.97 | -1,195.23 | -1,184.58 |
Free Cash Flow | 1,131 | 915 | 1,153 | 1,112 | 1,231 | 1,211.57 | 1,200.78 | 1,190.08 | 1,179.48 | 1,168.98 |
WACC | ||||||||||
PV LFCF | 1,091.11 | 973.87 | 869.24 | 775.84 | 692.48 | |||||
SUM PV LFCF | 4,402.55 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 11.04 |
Free cash flow (t + 1) | 1,192.36 |
Terminal Value | 13,189.80 |
Present Value of Terminal Value | 7,813.42 |
Intrinsic Value
Enterprise Value | 12,215.96 |
---|---|
Net Debt | 6,597 |
Equity Value | 5,618.96 |
Shares Outstanding | 908 |
Equity Value Per Share | 6.19 |