Discounted Cash Flow (DCF) Analysis Levered

Nutrien Ltd. (NTR)

$58.64

-0.30 (-0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 232.31 | 58.64 | undervalue

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 19,63620,02320,90827,71237,88445,047.8153,566.3063,695.6175,740.3790,062.78
Revenue (%)
Operating Cash Flow 2,0523,6653,3233,8868,1107,214.668,578.9510,201.2112,130.2514,424.07
Operating Cash Flow (%)
Capital Expenditure -1,405-1,891-1,549-1,783-2,438-3,322.50-3,950.78-4,697.87-5,586.23-6,642.58
Capital Expenditure (%)
Free Cash Flow 6471,7741,7742,1035,6723,892.164,628.175,503.356,544.027,781.49

Weighted Average Cost Of Capital

Share price $ 58.64
Beta 0.874
Diluted Shares Outstanding 571.29
Cost of Debt
Tax Rate 25.24
After-tax Cost of Debt 3.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.879
Total Debt 11,928
Total Equity 33,500.39
Total Capital 45,428.39
Debt Weighting 26.26
Equity Weighting 73.74
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 19,63620,02320,90827,71237,88445,047.8153,566.3063,695.6175,740.3790,062.78
Operating Cash Flow 2,0523,6653,3233,8868,1107,214.668,578.9510,201.2112,130.2514,424.07
Capital Expenditure -1,405-1,891-1,549-1,783-2,438-3,322.50-3,950.78-4,697.87-5,586.23-6,642.58
Free Cash Flow 6471,7741,7742,1035,6723,892.164,628.175,503.356,544.027,781.49
WACC
PV LFCF 3,646.404,062.144,525.285,041.225,615.99
SUM PV LFCF 22,891.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.74
Free cash flow (t + 1) 7,937.12
Terminal Value 167,449.76
Present Value of Terminal Value 120,850.52

Intrinsic Value

Enterprise Value 143,741.55
Net Debt 11,027
Equity Value 132,714.55
Shares Outstanding 571.29
Equity Value Per Share 232.31