Discounted Cash Flow (DCF) Analysis Levered

Oil States International, Inc. (OIS)

$5.68

+0.29 (+5.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.85 | 5.68 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,017.35638.07573.16737.71782.28757.44733.38710.09687.54665.71
Revenue (%)
Operating Cash Flow 137.43132.757.1932.8656.5871.5969.3167.1164.9862.92
Operating Cash Flow (%)
Capital Expenditure -56.12-12.75-17.52-20.27-30.65-26.11-25.28-24.48-23.70-22.95
Capital Expenditure (%)
Free Cash Flow 81.32120.01-10.3212.6025.9245.4844.0342.6341.2839.97

Weighted Average Cost Of Capital

Share price $ 5.68
Beta 2.607
Diluted Shares Outstanding 63.15
Cost of Debt
Tax Rate 18.54
After-tax Cost of Debt 4.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.464
Total Debt 161.35
Total Equity 358.70
Total Capital 520.06
Debt Weighting 31.03
Equity Weighting 68.97
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,017.35638.07573.16737.71782.28757.44733.38710.09687.54665.71
Operating Cash Flow 137.43132.757.1932.8656.5871.5969.3167.1164.9862.92
Capital Expenditure -56.12-12.75-17.52-20.27-30.65-26.11-25.28-24.48-23.70-22.95
Free Cash Flow 81.32120.01-10.3212.6025.9245.4844.0342.6341.2839.97
WACC
PV LFCF 24.8521.3218.2915.6913.47
SUM PV LFCF 151.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.85
Free cash flow (t + 1) 40.77
Terminal Value 375.75
Present Value of Terminal Value 205.30

Intrinsic Value

Enterprise Value 357.13
Net Debt 114.24
Equity Value 242.89
Shares Outstanding 63.15
Equity Value Per Share 3.85