Discounted Cash Flow (DCF) Analysis Levered
MDU Resources Group, Inc. (MDU)
$29.38
+0.32 (+1.10%)
All numbers are in Millions, Currency in USD
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 | 4,531.55 | 5,336.78 | 5,532.75 | 5,680.73 | 6,973.86 | 7,791.19 | 8,704.31 | 9,724.45 | 10,864.14 | 12,137.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 499.88 | 542.28 | 768.37 | 495.78 | 510.06 | 796.59 | 889.95 | 994.25 | 1,110.78 | 1,240.96 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -568.23 | -576.06 | -558.01 | -659.42 | -656.59 | -848.34 | -947.76 | -1,058.84 | -1,182.94 | -1,321.58 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -68.35 | -33.78 | 210.37 | -163.65 | -146.52 | -51.75 | -57.81 | -64.59 | -72.16 | -80.62 |
Weighted Average Cost Of Capital
| Share price | $ 29.38 |
|---|---|
| Beta | 0.756 |
| Diluted Shares Outstanding | 203.50 |
| Cost of Debt | |
| Tax Rate | 20.47 |
| After-tax Cost of Debt | 2.96% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.096 |
| Total Debt | 3,207.97 |
| Total Equity | 5,978.83 |
| Total Capital | 9,186.81 |
| Debt Weighting | 34.92 |
| Equity Weighting | 65.08 |
| 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 | 4,531.55 | 5,336.78 | 5,532.75 | 5,680.73 | 6,973.86 | 7,791.19 | 8,704.31 | 9,724.45 | 10,864.14 | 12,137.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 499.88 | 542.28 | 768.37 | 495.78 | 510.06 | 796.59 | 889.95 | 994.25 | 1,110.78 | 1,240.96 |
| Capital Expenditure | -568.23 | -576.06 | -558.01 | -659.42 | -656.59 | -848.34 | -947.76 | -1,058.84 | -1,182.94 | -1,321.58 |
| Free Cash Flow | -68.35 | -33.78 | 210.37 | -163.65 | -146.52 | -51.75 | -57.81 | -64.59 | -72.16 | -80.62 |
| WACC | ||||||||||
| PV LFCF | -48.98 | -51.79 | -54.77 | -57.92 | -61.24 | |||||
| SUM PV LFCF | -274.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.65 |
| Free cash flow (t + 1) | -82.23 |
| Terminal Value | -2,252.81 |
| Present Value of Terminal Value | -1,711.50 |
Intrinsic Value
| Enterprise Value | -1,986.21 |
|---|---|
| Net Debt | 3,007.41 |
| Equity Value | -4,993.62 |
| Shares Outstanding | 203.50 |
| Equity Value Per Share | -24.54 |