Discounted Cash Flow (DCF) Analysis Levered
Keyera Corp. (KEY.TO)
$30.74
+0.44 (+1.45%)
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 | 4,465.21 | 3,616.92 | 3,012.51 | 4,984.91 | 7,060.22 | 8,320.42 | 9,805.56 | 11,555.78 | 13,618.40 | 16,049.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 604.33 | 887.94 | 688.17 | 583.84 | 925.33 | 1,426.88 | 1,681.57 | 1,981.72 | 2,335.44 | 2,752.30 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,320.52 | -1,091.80 | -594.16 | -516.63 | -895.93 | -1,706.29 | -2,010.85 | -2,369.78 | -2,792.76 | -3,291.25 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -716.19 | -203.87 | 94.01 | 67.21 | 29.40 | -279.41 | -329.28 | -388.06 | -457.32 | -538.95 |
Weighted Average Cost Of Capital
| Share price | $ 30.74 |
|---|---|
| Beta | 2.180 |
| Diluted Shares Outstanding | 221.02 |
| Cost of Debt | |
| Tax Rate | 24.22 |
| After-tax Cost of Debt | 3.23% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.897 |
| Total Debt | 3,903.95 |
| Total Equity | 6,794.25 |
| Total Capital | 10,698.19 |
| Debt Weighting | 36.49 |
| Equity Weighting | 63.51 |
| 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 | 4,465.21 | 3,616.92 | 3,012.51 | 4,984.91 | 7,060.22 | 8,320.42 | 9,805.56 | 11,555.78 | 13,618.40 | 16,049.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 604.33 | 887.94 | 688.17 | 583.84 | 925.33 | 1,426.88 | 1,681.57 | 1,981.72 | 2,335.44 | 2,752.30 |
| Capital Expenditure | -1,320.52 | -1,091.80 | -594.16 | -516.63 | -895.93 | -1,706.29 | -2,010.85 | -2,369.78 | -2,792.76 | -3,291.25 |
| Free Cash Flow | -716.19 | -203.87 | 94.01 | 67.21 | 29.40 | -279.41 | -329.28 | -388.06 | -457.32 | -538.95 |
| WACC | ||||||||||
| PV LFCF | -254.01 | -272.13 | -291.55 | -312.36 | -334.65 | |||||
| SUM PV LFCF | -1,464.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.00 |
| Free cash flow (t + 1) | -549.73 |
| Terminal Value | -6,871.64 |
| Present Value of Terminal Value | -4,266.75 |
Intrinsic Value
| Enterprise Value | -5,731.45 |
|---|---|
| Net Debt | 3,903.95 |
| Equity Value | -9,635.39 |
| Shares Outstanding | 221.02 |
| Equity Value Per Share | -43.59 |