Discounted Cash Flow (DCF) Analysis Levered
NorthWestern Corporation (NWE)
$56.83
-0.80 (-1.39%)
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 | 1,192.01 | 1,257.91 | 1,198.67 | 1,372.32 | 1,477.84 | 1,562.79 | 1,652.64 | 1,747.64 | 1,848.11 | 1,954.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 381.99 | 296.72 | 352.15 | 219.98 | 307.24 | 380.80 | 402.69 | 425.84 | 450.32 | 476.20 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -283.97 | -316.02 | -405.76 | -434.33 | -515.14 | -466.66 | -493.49 | -521.86 | -551.86 | -583.58 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 98.02 | -19.30 | -53.61 | -214.35 | -207.90 | -85.86 | -90.80 | -96.02 | -101.54 | -107.38 |
Weighted Average Cost Of Capital
| Share price | $ 56.83 |
|---|---|
| Beta | 0.457 |
| Diluted Shares Outstanding | 50.70 |
| Cost of Debt | |
| Tax Rate | -0.33 |
| After-tax Cost of Debt | 3.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.849 |
| Total Debt | 2,618.88 |
| Total Equity | 2,881.53 |
| Total Capital | 5,500.41 |
| Debt Weighting | 47.61 |
| Equity Weighting | 52.39 |
| 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 | 1,192.01 | 1,257.91 | 1,198.67 | 1,372.32 | 1,477.84 | 1,562.79 | 1,652.64 | 1,747.64 | 1,848.11 | 1,954.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 381.99 | 296.72 | 352.15 | 219.98 | 307.24 | 380.80 | 402.69 | 425.84 | 450.32 | 476.20 |
| Capital Expenditure | -283.97 | -316.02 | -405.76 | -434.33 | -515.14 | -466.66 | -493.49 | -521.86 | -551.86 | -583.58 |
| Free Cash Flow | 98.02 | -19.30 | -53.61 | -214.35 | -207.90 | -85.86 | -90.80 | -96.02 | -101.54 | -107.38 |
| WACC | ||||||||||
| PV LFCF | -81.87 | -82.55 | -83.23 | -83.92 | -84.61 | |||||
| SUM PV LFCF | -416.18 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.88 |
| Free cash flow (t + 1) | -109.52 |
| Terminal Value | -3,802.90 |
| Present Value of Terminal Value | -2,996.75 |
Intrinsic Value
| Enterprise Value | -3,412.93 |
|---|---|
| Net Debt | 2,610.39 |
| Equity Value | -6,023.32 |
| Shares Outstanding | 50.70 |
| Equity Value Per Share | -118.79 |