Discounted Cash Flow (DCF) Analysis Levered

LyondellBasell Industries N.V. (LYB)

$94.7

+0.16 (+0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 295.14 | 94.7 | undervalue

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 39,00434,72727,75346,17350,45156,074.8362,325.5669,273.0676,995.0185,577.73
Revenue (%)
Operating Cash Flow 5,4714,9613,4047,6956,1197,780.058,647.309,611.2210,682.6011,873.40
Operating Cash Flow (%)
Capital Expenditure -2,105-2,694-1,947-1,959-1,890-3,158.02-3,510.04-3,901.31-4,336.20-4,819.56
Capital Expenditure (%)
Free Cash Flow 3,3662,2671,4575,7364,2294,622.035,137.255,709.916,346.407,053.84

Weighted Average Cost Of Capital

Share price $ 94.7
Beta 1.229
Diluted Shares Outstanding 328
Cost of Debt
Tax Rate 18.72
After-tax Cost of Debt 1.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.372
Total Debt 13,175
Total Equity 31,061.60
Total Capital 44,236.60
Debt Weighting 29.78
Equity Weighting 70.22
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 39,00434,72727,75346,17350,45156,074.8362,325.5669,273.0676,995.0185,577.73
Operating Cash Flow 5,4714,9613,4047,6956,1197,780.058,647.309,611.2210,682.6011,873.40
Capital Expenditure -2,105-2,694-1,947-1,959-1,890-3,158.02-3,510.04-3,901.31-4,336.20-4,819.56
Free Cash Flow 3,3662,2671,4575,7364,2294,622.035,137.255,709.916,346.407,053.84
WACC
PV LFCF 4,287.204,419.914,556.724,697.764,843.18
SUM PV LFCF 22,804.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.81
Free cash flow (t + 1) 7,194.92
Terminal Value 123,836.79
Present Value of Terminal Value 85,026.53

Intrinsic Value

Enterprise Value 107,831.30
Net Debt 11,024
Equity Value 96,807.30
Shares Outstanding 328
Equity Value Per Share 295.14