Discounted Cash Flow (DCF) Analysis Levered
LyondellBasell Industries N.V. (LYB)
$107.67
-0.20 (-0.19%)
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 | 34,484 | 39,004 | 34,727 | 27,753 | 46,173 | 51,763.49 | 58,030.86 | 65,057.07 | 72,933.99 | 81,764.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,206 | 5,471 | 4,961 | 3,404 | 7,695 | 7,489.17 | 8,395.94 | 9,412.49 | 10,552.13 | 11,829.75 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,547 | -2,105 | -2,694 | -1,947 | -1,959 | -2,991.81 | -3,354.05 | -3,760.15 | -4,215.42 | -4,725.81 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,659 | 3,366 | 2,267 | 1,457 | 5,736 | 4,497.36 | 5,041.88 | 5,652.34 | 6,336.71 | 7,103.94 |
Weighted Average Cost Of Capital
| Share price | $ 107.67 |
|---|---|
| Beta | 1.267 |
| Diluted Shares Outstanding | 334 |
| Cost of Debt | |
| Tax Rate | 17.54 |
| After-tax Cost of Debt | 3.15% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.839 |
| Total Debt | 13,599 |
| Total Equity | 35,961.78 |
| Total Capital | 49,560.78 |
| Debt Weighting | 27.44 |
| Equity Weighting | 72.56 |
| 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 | 34,484 | 39,004 | 34,727 | 27,753 | 46,173 | 51,763.49 | 58,030.86 | 65,057.07 | 72,933.99 | 81,764.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,206 | 5,471 | 4,961 | 3,404 | 7,695 | 7,489.17 | 8,395.94 | 9,412.49 | 10,552.13 | 11,829.75 |
| Capital Expenditure | -1,547 | -2,105 | -2,694 | -1,947 | -1,959 | -2,991.81 | -3,354.05 | -3,760.15 | -4,215.42 | -4,725.81 |
| Free Cash Flow | 3,659 | 3,366 | 2,267 | 1,457 | 5,736 | 4,497.36 | 5,041.88 | 5,652.34 | 6,336.71 | 7,103.94 |
| WACC | ||||||||||
| PV LFCF | 4,192.17 | 4,380.82 | 4,577.96 | 4,783.97 | 4,999.26 | |||||
| SUM PV LFCF | 22,934.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.28 |
| Free cash flow (t + 1) | 7,246.02 |
| Terminal Value | 137,235.17 |
| Present Value of Terminal Value | 96,576.53 |
Intrinsic Value
| Enterprise Value | 119,510.70 |
|---|---|
| Net Debt | 12,127 |
| Equity Value | 107,383.70 |
| Shares Outstanding | 334 |
| Equity Value Per Share | 321.51 |