Discounted Cash Flow (DCF) Analysis Levered
ONE Gas, Inc. (OGS)
$68.48
-0.63 (-0.91%)
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 | 1,633.73 | 1,652.73 | 1,530.27 | 1,808.60 | 2,578 | 2,929.15 | 3,328.12 | 3,781.44 | 4,296.50 | 4,881.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 467.69 | 310.34 | 364.50 | -1,535.66 | 1,570.84 | 276.79 | 314.50 | 357.33 | 406 | 461.30 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -394.45 | -417.32 | -471.35 | -495.25 | -609.49 | -768.73 | -873.44 | -992.41 | -1,127.58 | -1,281.17 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 73.24 | -106.98 | -106.85 | -2,030.90 | 961.36 | -491.94 | -558.94 | -635.07 | -721.58 | -819.86 |
Weighted Average Cost Of Capital
| Share price | $ 68.48 |
|---|---|
| Beta | 0.654 |
| Diluted Shares Outstanding | 53.37 |
| Cost of Debt | |
| Tax Rate | 17.34 |
| After-tax Cost of Debt | 2.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.657 |
| Total Debt | 2,925.12 |
| Total Equity | 3,654.78 |
| Total Capital | 6,579.89 |
| Debt Weighting | 44.46 |
| Equity Weighting | 55.54 |
| 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 | 1,633.73 | 1,652.73 | 1,530.27 | 1,808.60 | 2,578 | 2,929.15 | 3,328.12 | 3,781.44 | 4,296.50 | 4,881.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 467.69 | 310.34 | 364.50 | -1,535.66 | 1,570.84 | 276.79 | 314.50 | 357.33 | 406 | 461.30 |
| Capital Expenditure | -394.45 | -417.32 | -471.35 | -495.25 | -609.49 | -768.73 | -873.44 | -992.41 | -1,127.58 | -1,281.17 |
| Free Cash Flow | 73.24 | -106.98 | -106.85 | -2,030.90 | 961.36 | -491.94 | -558.94 | -635.07 | -721.58 | -819.86 |
| WACC | ||||||||||
| PV LFCF | -467.49 | -504.76 | -545.01 | -588.47 | -635.39 | |||||
| SUM PV LFCF | -2,741.12 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.23 |
| Free cash flow (t + 1) | -836.26 |
| Terminal Value | -25,890.35 |
| Present Value of Terminal Value | -20,065.04 |
Intrinsic Value
| Enterprise Value | -22,806.17 |
|---|---|
| Net Debt | 2,915.43 |
| Equity Value | -25,721.60 |
| Shares Outstanding | 53.37 |
| Equity Value Per Share | -481.95 |