Discounted Cash Flow (DCF) Analysis Levered

MPLX LP (MPLX)

$28.56

-0.77 (-2.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.84 | 28.56 | 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 3,6916,0798,6258,2469,57512,406.8716,076.2720,830.9326,991.8134,974.81
Revenue (%)
Operating Cash Flow 1,9072,8264,0824,5214,9116,243.098,089.5210,482.0413,582.1817,599.19
Operating Cash Flow (%)
Capital Expenditure -1,411-1,919-2,408-1,183-529-2,917.74-3,780.68-4,898.84-6,347.71-8,225.08
Capital Expenditure (%)
Free Cash Flow 4969071,6743,3384,3823,325.344,308.845,583.207,234.479,374.11

Weighted Average Cost Of Capital

Share price $ 28.56
Beta 1.507
Diluted Shares Outstanding 1,051
Cost of Debt
Tax Rate 1.16
After-tax Cost of Debt 56.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.991
Total Debt 1,526
Total Equity 30,016.56
Total Capital 31,542.56
Debt Weighting 4.84
Equity Weighting 95.16
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 3,6916,0798,6258,2469,57512,406.8716,076.2720,830.9326,991.8134,974.81
Operating Cash Flow 1,9072,8264,0824,5214,9116,243.098,089.5210,482.0413,582.1817,599.19
Capital Expenditure -1,411-1,919-2,408-1,183-529-2,917.74-3,780.68-4,898.84-6,347.71-8,225.08
Free Cash Flow 4969071,6743,3384,3823,325.344,308.845,583.207,234.479,374.11
WACC
PV LFCF 2,937.323,361.943,847.944,404.205,040.87
SUM PV LFCF 19,592.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.21
Free cash flow (t + 1) 9,561.59
Terminal Value 85,295.16
Present Value of Terminal Value 45,867.01

Intrinsic Value

Enterprise Value 65,459.30
Net Debt 1,513
Equity Value 63,946.30
Shares Outstanding 1,051
Equity Value Per Share 60.84