Discounted Cash Flow (DCF) Analysis Levered
MPLX LP (MPLX)
$35.03
+0.11 (+0.32%)
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 | 6,079 | 8,625 | 8,246 | 9,575 | 10,541 | 12,219.48 | 14,165.23 | 16,420.81 | 19,035.55 | 22,066.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,826 | 4,082 | 4,521 | 4,911 | 5,019 | 6,049.76 | 7,013.09 | 8,129.81 | 9,424.34 | 10,925.01 |
| 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 | 907 | 1,674 | 3,338 | 4,382 | 4,213 | 3,923.48 | 4,548.23 | 5,272.46 | 6,112.01 | 7,085.24 |
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 | 6,079 | 8,625 | 8,246 | 9,575 | 10,541 | 12,219.48 | 14,165.23 | 16,420.81 | 19,035.55 | 22,066.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,826 | 4,082 | 4,521 | 4,911 | 5,019 | 6,049.76 | 7,013.09 | 8,129.81 | 9,424.34 | 10,925.01 |
| 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 | 907 | 1,674 | 3,338 | 4,382 | 4,213 | 3,923.48 | 4,548.23 | 5,272.46 | 6,112.01 | 7,085.24 |
| WACC | ||||||||||
| PV LFCF | 3,611.12 | 3,852.85 | 4,110.77 | 4,385.96 | 4,679.57 | |||||
| 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 |