Discounted Cash Flow (DCF) Analysis Levered

MPLX LP (MPLX)

$35.03

+0.11 (+0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 71.64 | 35.03 | 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 6,0798,6258,2469,57510,54112,219.4814,165.2316,420.8119,035.5522,066.64
Revenue (%)
Operating Cash Flow 2,8264,0824,5214,9115,0196,049.767,013.098,129.819,424.3410,925.01
Operating Cash Flow (%)
Capital Expenditure -1,919-2,408-1,183-529-806-2,126.29-2,464.86-2,857.35-3,312.34-3,839.77
Capital Expenditure (%)
Free Cash Flow 9071,6743,3384,3824,2133,923.484,548.235,272.466,112.017,085.24

Weighted Average Cost Of Capital

Share price $ 35.03
Beta 1.396
Diluted Shares Outstanding 1,010
Cost of Debt
Tax Rate 1.05
After-tax Cost of Debt 4.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.027
Total Debt 20,301
Total Equity 35,380.30
Total Capital 55,681.30
Debt Weighting 36.46
Equity Weighting 63.54
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 6,0798,6258,2469,57510,54112,219.4814,165.2316,420.8119,035.5522,066.64
Operating Cash Flow 2,8264,0824,5214,9115,0196,049.767,013.098,129.819,424.3410,925.01
Capital Expenditure -1,919-2,408-1,183-529-806-2,126.29-2,464.86-2,857.35-3,312.34-3,839.77
Free Cash Flow 9071,6743,3384,3824,2133,923.484,548.235,272.466,112.017,085.24
WACC
PV LFCF 3,611.123,852.854,110.774,385.964,679.57
SUM PV LFCF 20,640.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.65
Free cash flow (t + 1) 7,226.95
Terminal Value 108,675.89
Present Value of Terminal Value 71,776.87

Intrinsic Value

Enterprise Value 92,417.15
Net Debt 20,063
Equity Value 72,354.15
Shares Outstanding 1,010
Equity Value Per Share 71.64