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
Stock DCF: 321.51 | 107.67 | 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 34,48439,00434,72727,75346,17351,763.4958,030.8665,057.0772,933.9981,764.63
Revenue (%)
Operating Cash Flow 5,2065,4714,9613,4047,6957,489.178,395.949,412.4910,552.1311,829.75
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 3,6593,3662,2671,4575,7364,497.365,041.885,652.346,336.717,103.94

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 34,48439,00434,72727,75346,17351,763.4958,030.8665,057.0772,933.9981,764.63
Operating Cash Flow 5,2065,4714,9613,4047,6957,489.178,395.949,412.4910,552.1311,829.75
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 3,6593,3662,2671,4575,7364,497.365,041.885,652.346,336.717,103.94
WACC
PV LFCF 4,192.174,380.824,577.964,783.974,999.26
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