Discounted Cash Flow (DCF) Analysis Levered

Oil States International, Inc. (OIS)

$8.3

-0.07 (-0.84%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.28 | 8.3 | overvalue

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 670.631,088.131,017.35638.07573.16585.05597.19609.57622.22635.12
Revenue (%)
Operating Cash Flow 95.38103.17137.43132.757.1969.3670.7972.2673.7675.29
Operating Cash Flow (%)
Capital Expenditure -35.17-88.02-56.12-12.75-17.52-27.97-28.55-29.14-29.75-30.36
Capital Expenditure (%)
Free Cash Flow 60.2115.1581.32120.01-10.3241.3942.2443.1244.0244.93

Weighted Average Cost Of Capital

Share price $ 8.3
Beta 2.992
Diluted Shares Outstanding 60.29
Cost of Debt
Tax Rate 12.74
After-tax Cost of Debt 4.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.675
Total Debt 208.68
Total Equity 500.43
Total Capital 709.11
Debt Weighting 29.43
Equity Weighting 70.57
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 670.631,088.131,017.35638.07573.16585.05597.19609.57622.22635.12
Operating Cash Flow 95.38103.17137.43132.757.1969.3670.7972.2673.7675.29
Capital Expenditure -35.17-88.02-56.12-12.75-17.52-27.97-28.55-29.14-29.75-30.36
Free Cash Flow 60.2115.1581.32120.01-10.3241.3942.2443.1244.0244.93
WACC
PV LFCF 36.3932.6529.3126.3023.60
SUM PV LFCF 148.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.74
Free cash flow (t + 1) 45.83
Terminal Value 390.35
Present Value of Terminal Value 205.06

Intrinsic Value

Enterprise Value 353.31
Net Debt 155.83
Equity Value 197.48
Shares Outstanding 60.29
Equity Value Per Share 3.28