Discounted Cash Flow (DCF) Analysis Levered
Keyera Corp. (KEY.TO)
$30.36
-0.23 (-0.75%)
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 | 3,413.36 | 4,465.21 | 3,616.92 | 3,012.51 | 4,984.91 | 5,739.88 | 6,609.19 | 7,610.17 | 8,762.74 | 10,089.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 513.70 | 604.33 | 887.94 | 688.17 | 583.84 | 1,006.65 | 1,159.11 | 1,334.66 | 1,536.80 | 1,769.55 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -760.11 | -1,320.52 | -1,091.80 | -594.16 | -516.63 | -1,287.06 | -1,481.98 | -1,706.43 | -1,964.88 | -2,262.46 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -246.42 | -716.19 | -203.87 | 94.01 | 67.21 | -280.41 | -322.87 | -371.77 | -428.08 | -492.91 |
Weighted Average Cost Of Capital
| Share price | $ 30.36 |
|---|---|
| Beta | 2.253 |
| Diluted Shares Outstanding | 221.02 |
| Cost of Debt | |
| Tax Rate | 23.94 |
| After-tax Cost of Debt | 3.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.183 |
| Total Debt | 3,697.78 |
| Total Equity | 6,710.26 |
| Total Capital | 10,408.03 |
| Debt Weighting | 35.53 |
| Equity Weighting | 64.47 |
| 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 | 3,413.36 | 4,465.21 | 3,616.92 | 3,012.51 | 4,984.91 | 5,739.88 | 6,609.19 | 7,610.17 | 8,762.74 | 10,089.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 513.70 | 604.33 | 887.94 | 688.17 | 583.84 | 1,006.65 | 1,159.11 | 1,334.66 | 1,536.80 | 1,769.55 |
| Capital Expenditure | -760.11 | -1,320.52 | -1,091.80 | -594.16 | -516.63 | -1,287.06 | -1,481.98 | -1,706.43 | -1,964.88 | -2,262.46 |
| Free Cash Flow | -246.42 | -716.19 | -203.87 | 94.01 | 67.21 | -280.41 | -322.87 | -371.77 | -428.08 | -492.91 |
| WACC | ||||||||||
| PV LFCF | -254.04 | -265 | -276.45 | -288.38 | -300.83 | |||||
| SUM PV LFCF | -1,384.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.38 |
| Free cash flow (t + 1) | -502.77 |
| Terminal Value | -5,999.67 |
| Present Value of Terminal Value | -3,661.64 |
Intrinsic Value
| Enterprise Value | -5,046.34 |
|---|---|
| Net Debt | 3,681.84 |
| Equity Value | -8,728.17 |
| Shares Outstanding | 221.02 |
| Equity Value Per Share | -39.49 |