Discounted Cash Flow (DCF) Analysis Levered
OGE Energy Corp. (OGE)
$37.52
+0.29 (+0.78%)
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 | 2,270.30 | 2,231.60 | 2,122.30 | 3,653.70 | 3,375.70 | 3,864.72 | 4,424.59 | 5,065.56 | 5,799.39 | 6,639.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 951.10 | 681.50 | 712.80 | -313.30 | 843.10 | 946.23 | 1,083.31 | 1,240.24 | 1,419.91 | 1,625.60 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -573.60 | -635.50 | -650.50 | -778.50 | -1,050.90 | -1,057.64 | -1,210.85 | -1,386.26 | -1,587.08 | -1,817 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 377.50 | 46 | 62.30 | -1,091.80 | -207.80 | -111.41 | -127.55 | -146.02 | -167.18 | -191.39 |
Weighted Average Cost Of Capital
| Share price | $ 37.52 |
|---|---|
| Beta | 0.688 |
| Diluted Shares Outstanding | 200.30 |
| Cost of Debt | |
| Tax Rate | 15.66 |
| After-tax Cost of Debt | 3.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.757 |
| Total Debt | 4,548.60 |
| Total Equity | 7,515.26 |
| Total Capital | 12,063.86 |
| Debt Weighting | 37.70 |
| Equity Weighting | 62.30 |
| 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 | 2,270.30 | 2,231.60 | 2,122.30 | 3,653.70 | 3,375.70 | 3,864.72 | 4,424.59 | 5,065.56 | 5,799.39 | 6,639.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 951.10 | 681.50 | 712.80 | -313.30 | 843.10 | 946.23 | 1,083.31 | 1,240.24 | 1,419.91 | 1,625.60 |
| Capital Expenditure | -573.60 | -635.50 | -650.50 | -778.50 | -1,050.90 | -1,057.64 | -1,210.85 | -1,386.26 | -1,587.08 | -1,817 |
| Free Cash Flow | 377.50 | 46 | 62.30 | -1,091.80 | -207.80 | -111.41 | -127.55 | -146.02 | -167.18 | -191.39 |
| WACC | ||||||||||
| PV LFCF | -105.73 | -114.88 | -124.82 | -135.61 | -147.35 | |||||
| SUM PV LFCF | -628.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.37 |
| Free cash flow (t + 1) | -195.22 |
| Terminal Value | -5,792.94 |
| Present Value of Terminal Value | -4,459.79 |
Intrinsic Value
| Enterprise Value | -5,088.17 |
|---|---|
| Net Debt | 4,460.50 |
| Equity Value | -9,548.67 |
| Shares Outstanding | 200.30 |
| Equity Value Per Share | -47.67 |