Discounted Cash Flow (DCF) Analysis Levered
Nutrien Ltd. (NTR)
$101.36
+2.41 (+2.44%)
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 | 4,547 | 19,636 | 20,023 | 20,908 | 27,712 | 53,399.54 | 102,898.04 | 198,279 | 382,072.99 | 736,234.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,225 | 2,052 | 3,665 | 3,323 | 3,886 | 9,143.20 | 17,618.46 | 33,949.82 | 65,419.48 | 126,059.82 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -652 | -1,405 | -1,891 | -1,549 | -1,783 | -4,782.59 | -9,215.79 | -17,758.33 | -34,219.35 | -65,938.85 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 573 | 647 | 1,774 | 1,774 | 2,103 | 4,360.61 | 8,402.67 | 16,191.49 | 31,200.13 | 60,120.97 |
Weighted Average Cost Of Capital
| Share price | $ 101.36 |
|---|---|
| Beta | 0.815 |
| Diluted Shares Outstanding | 582.27 |
| Cost of Debt | |
| Tax Rate | 24.35 |
| After-tax Cost of Debt | 4.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.724 |
| Total Debt | 10,846 |
| Total Equity | 59,018.79 |
| Total Capital | 69,864.79 |
| Debt Weighting | 15.52 |
| Equity Weighting | 84.48 |
| 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 | 4,547 | 19,636 | 20,023 | 20,908 | 27,712 | 53,399.54 | 102,898.04 | 198,279 | 382,072.99 | 736,234.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,225 | 2,052 | 3,665 | 3,323 | 3,886 | 9,143.20 | 17,618.46 | 33,949.82 | 65,419.48 | 126,059.82 |
| Capital Expenditure | -652 | -1,405 | -1,891 | -1,549 | -1,783 | -4,782.59 | -9,215.79 | -17,758.33 | -34,219.35 | -65,938.85 |
| Free Cash Flow | 573 | 647 | 1,774 | 1,774 | 2,103 | 4,360.61 | 8,402.67 | 16,191.49 | 31,200.13 | 60,120.97 |
| WACC | ||||||||||
| PV LFCF | 4,100.63 | 7,430.60 | 13,464.70 | 24,398.87 | 44,212.26 | |||||
| SUM PV LFCF | 93,607.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.34 |
| Free cash flow (t + 1) | 61,323.39 |
| Terminal Value | 1,412,981.28 |
| Present Value of Terminal Value | 1,039,089.91 |
Intrinsic Value
| Enterprise Value | 1,132,696.97 |
|---|---|
| Net Debt | 10,347 |
| Equity Value | 1,122,349.97 |
| Shares Outstanding | 582.27 |
| Equity Value Per Share | 1,927.55 |