Discounted Cash Flow (DCF) Analysis Levered
NiSource Inc. (NI)
$24.68
+0.08 (+0.33%)
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 | 5,114.50 | 5,208.90 | 4,681.70 | 4,899.60 | 5,850.60 | 6,081.53 | 6,321.58 | 6,571.10 | 6,830.47 | 7,100.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 540.10 | 1,583.30 | 1,104 | 1,217.90 | 1,409.40 | 1,380.32 | 1,434.80 | 1,491.43 | 1,550.30 | 1,611.50 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,818.20 | -1,802.40 | -1,758.10 | -1,838 | -2,203.10 | -2,224.31 | -2,312.11 | -2,403.37 | -2,498.23 | -2,596.84 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,278.10 | -219.10 | -654.10 | -620.10 | -793.70 | -843.99 | -877.30 | -911.93 | -947.93 | -985.35 |
Weighted Average Cost Of Capital
| Share price | $ 24.68 |
|---|---|
| Beta | 0.469 |
| Diluted Shares Outstanding | 442.70 |
| Cost of Debt | |
| Tax Rate | 15.92 |
| After-tax Cost of Debt | 2.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.784 |
| Total Debt | 11,662.70 |
| Total Equity | 10,925.84 |
| Total Capital | 22,588.54 |
| Debt Weighting | 51.63 |
| Equity Weighting | 48.37 |
| 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 | 5,114.50 | 5,208.90 | 4,681.70 | 4,899.60 | 5,850.60 | 6,081.53 | 6,321.58 | 6,571.10 | 6,830.47 | 7,100.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 540.10 | 1,583.30 | 1,104 | 1,217.90 | 1,409.40 | 1,380.32 | 1,434.80 | 1,491.43 | 1,550.30 | 1,611.50 |
| Capital Expenditure | -1,818.20 | -1,802.40 | -1,758.10 | -1,838 | -2,203.10 | -2,224.31 | -2,312.11 | -2,403.37 | -2,498.23 | -2,596.84 |
| Free Cash Flow | -1,278.10 | -219.10 | -654.10 | -620.10 | -793.70 | -843.99 | -877.30 | -911.93 | -947.93 | -985.35 |
| WACC | ||||||||||
| PV LFCF | -806.72 | -801.53 | -796.38 | -791.26 | -786.17 | |||||
| SUM PV LFCF | -3,982.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.62 |
| Free cash flow (t + 1) | -1,005.05 |
| Terminal Value | -38,360.77 |
| Present Value of Terminal Value | -30,606.50 |
Intrinsic Value
| Enterprise Value | -34,588.56 |
|---|---|
| Net Debt | 11,621.90 |
| Equity Value | -46,210.46 |
| Shares Outstanding | 442.70 |
| Equity Value Per Share | -104.38 |