Discounted Cash Flow (DCF) Analysis Levered
Kimbell Royalty Partners, LP (KRP)
$17.83
+0.16 (+0.91%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 70.26 | 108.23 | 92.93 | 178.41 | 256.84 | 369.75 | 532.29 | 766.29 | 1,103.17 | 1,588.13 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 33.20 | 80.70 | 62.25 | 91.44 | 154.14 | 221.90 | 319.46 | 459.89 | 662.07 | 953.12 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -211.50 | -12.72 | -88.60 | -56.07 | 1,530 | 115.47 | 166.24 | 239.32 | 344.53 | 495.98 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -178.30 | 67.98 | -26.35 | 35.37 | 1,684.14 | 337.38 | 485.69 | 699.21 | 1,006.59 | 1,449.11 |
Weighted Average Cost Of Capital
Share price | $ 17.83 |
---|---|
Beta | 1.570 |
Diluted Shares Outstanding | 34.53 |
Cost of Debt | |
Tax Rate | 20.16 |
After-tax Cost of Debt | 3.99% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.195 |
Total Debt | 0.22 |
Total Equity | 615.68 |
Total Capital | 615.90 |
Debt Weighting | 0.04 |
Equity Weighting | 99.96 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 70.26 | 108.23 | 92.93 | 178.41 | 256.84 | 369.75 | 532.29 | 766.29 | 1,103.17 | 1,588.13 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 33.20 | 80.70 | 62.25 | 91.44 | 154.14 | 221.90 | 319.46 | 459.89 | 662.07 | 953.12 |
Capital Expenditure | -211.50 | -12.72 | -88.60 | -56.07 | 1,530 | 115.47 | 166.24 | 239.32 | 344.53 | 495.98 |
Free Cash Flow | -178.30 | 67.98 | -26.35 | 35.37 | 1,684.14 | 337.38 | 485.69 | 699.21 | 1,006.59 | 1,449.11 |
WACC | ||||||||||
PV LFCF | 1,684.14 | 306.18 | 400.02 | 522.62 | 682.79 | 892.05 | ||||
SUM PV LFCF | 2,803.65 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.19 |
Free cash flow (t + 1) | 1,478.09 |
Terminal Value | 18,047.48 |
Present Value of Terminal Value | 11,109.78 |
Intrinsic Value
Enterprise Value | 13,913.43 |
---|---|
Net Debt | 0.21 |
Equity Value | 13,913.23 |
Shares Outstanding | 34.53 |
Equity Value Per Share | 402.93 |