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 |