Discounted Cash Flow (DCF) Analysis Levered

Alliant Energy Corporation (LNT)

$52.58

-0.96 (-1.79%)

All numbers are in Millions, Currency in USD

Stock DCF: 58.72 | 52.58 | undervalue

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	3,382.20	3,534.50	3,647.70	3,416	3,669	3,749.35	3,831.46	3,915.37	4,001.12	4,088.75
Revenue (%)
Operating Cash Flow	983.40	527.70	660.40	501	582	694.67	709.89	725.43	741.32	757.56
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	694.67	709.89	725.43	741.32	757.56

Weighted Average Cost Of Capital

Share price	$ 52.58
Beta	0.511
Diluted Shares Outstanding	250.70
Cost of Debt
Tax Rate	-12.33
After-tax Cost of Debt	3.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.053
Total Debt	7,883
Total Equity	13,181.81
Total Capital	21,064.81
Debt Weighting	37.42
Equity Weighting	62.58
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	3,382.20	3,534.50	3,647.70	3,416	3,669	3,749.35	3,831.46	3,915.37	4,001.12	4,088.75
Operating Cash Flow	983.40	527.70	660.40	501	582	694.67	709.89	725.43	741.32	757.56
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	694.67	709.89	725.43	741.32	757.56
WACC
PV LFCF						660.96	642.66	624.87	607.57	590.75
SUM PV LFCF										3,126.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.10
Free cash flow (t + 1)	772.71
Terminal Value	24,926.04
Present Value of Terminal Value	19,437.47

Intrinsic Value

Enterprise Value	22,564.29
Net Debt	7,844
Equity Value	14,720.29
Shares Outstanding	250.70
Equity Value Per Share	58.72