Discounted Cash Flow (DCF) Analysis Levered
NiSource Inc. (NI)
$28.62
+0.81 (+2.91%)
All numbers are in Millions, Currency in USD
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 | 4,874.60 | 5,114.50 | 5,208.90 | 4,681.70 | 4,899.60 | 4,915.53 | 4,931.51 | 4,947.54 | 4,963.62 | 4,979.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 742.20 | 540.10 | 1,583.30 | 1,104 | 1,217.90 | 1,028.53 | 1,031.87 | 1,035.23 | 1,038.59 | 1,041.97 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,695.80 | -1,818.20 | -1,802.40 | -1,758.10 | -1,838 | -1,769.65 | -1,775.41 | -1,781.18 | -1,786.97 | -1,792.78 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -953.60 | -1,278.10 | -219.10 | -654.10 | -620.10 | -741.13 | -743.53 | -745.95 | -748.38 | -750.81 |
Weighted Average Cost Of Capital
| Share price | $ 28.62 |
|---|---|
| Beta | 0.354 |
| Diluted Shares Outstanding | 384.30 |
| Cost of Debt | |
| Tax Rate | 17.22 |
| After-tax Cost of Debt | 2.81% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.795 |
| Total Debt | 9,801.50 |
| Total Equity | 10,998.67 |
| Total Capital | 20,800.17 |
| Debt Weighting | 47.12 |
| Equity Weighting | 52.88 |
| 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 | 4,874.60 | 5,114.50 | 5,208.90 | 4,681.70 | 4,899.60 | 4,915.53 | 4,931.51 | 4,947.54 | 4,963.62 | 4,979.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 742.20 | 540.10 | 1,583.30 | 1,104 | 1,217.90 | 1,028.53 | 1,031.87 | 1,035.23 | 1,038.59 | 1,041.97 |
| Capital Expenditure | -1,695.80 | -1,818.20 | -1,802.40 | -1,758.10 | -1,838 | -1,769.65 | -1,775.41 | -1,781.18 | -1,786.97 | -1,792.78 |
| Free Cash Flow | -953.60 | -1,278.10 | -219.10 | -654.10 | -620.10 | -741.13 | -743.53 | -745.95 | -748.38 | -750.81 |
| WACC | ||||||||||
| PV LFCF | -613.27 | -592.40 | -572.23 | -552.76 | -533.94 | |||||
| SUM PV LFCF | -3,333.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.86 |
| Free cash flow (t + 1) | -765.83 |
| Terminal Value | -41,173.44 |
| Present Value of Terminal Value | -34,070.27 |
Intrinsic Value
| Enterprise Value | -37,403.43 |
|---|---|
| Net Debt | 9,717.30 |
| Equity Value | -47,120.73 |
| Shares Outstanding | 384.30 |
| Equity Value Per Share | -122.61 |