Discounted Cash Flow (DCF) Analysis Levered
NuStar Energy L.P. (NS)
$16.92
-0.27 (-1.57%)
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 | 1,814.02 | 1,961.76 | 1,498.02 | 1,481.56 | 1,618.50 | 1,588.76 | 1,559.56 | 1,530.90 | 1,502.77 | 1,475.16 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 406.80 | 544.21 | 508.76 | 526 | 501.48 | 478.58 | 469.79 | 461.15 | 452.68 | 444.36 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -347.73 | -465.13 | -546.30 | -208.72 | -179.87 | -332.21 | -326.10 | -320.11 | -314.23 | -308.45 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 59.06 | 79.07 | -37.54 | 317.27 | 321.61 | 146.38 | 143.69 | 141.05 | 138.45 | 135.91 |
Weighted Average Cost Of Capital
Share price | $ 16.92 |
---|---|
Beta | 1.932 |
Diluted Shares Outstanding | 109.59 |
Cost of Debt | |
Tax Rate | 14.92 |
After-tax Cost of Debt | 5.69% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.637 |
Total Debt | 3,197.75 |
Total Equity | 1,854.19 |
Total Capital | 5,051.94 |
Debt Weighting | 63.30 |
Equity Weighting | 36.70 |
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 | 1,814.02 | 1,961.76 | 1,498.02 | 1,481.56 | 1,618.50 | 1,588.76 | 1,559.56 | 1,530.90 | 1,502.77 | 1,475.16 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 406.80 | 544.21 | 508.76 | 526 | 501.48 | 478.58 | 469.79 | 461.15 | 452.68 | 444.36 |
Capital Expenditure | -347.73 | -465.13 | -546.30 | -208.72 | -179.87 | -332.21 | -326.10 | -320.11 | -314.23 | -308.45 |
Free Cash Flow | 59.06 | 79.07 | -37.54 | 317.27 | 321.61 | 146.38 | 143.69 | 141.05 | 138.45 | 135.91 |
WACC | ||||||||||
PV LFCF | 135.23 | 122.64 | 111.22 | 100.87 | 91.48 | |||||
SUM PV LFCF | 561.44 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.24 |
Free cash flow (t + 1) | 138.63 |
Terminal Value | 2,221.60 |
Present Value of Terminal Value | 1,495.29 |
Intrinsic Value
Enterprise Value | 2,056.74 |
---|---|
Net Debt | 3,192.11 |
Equity Value | -1,135.37 |
Shares Outstanding | 109.59 |
Equity Value Per Share | -10.36 |