Discounted Cash Flow (DCF) Analysis Levered

Oil States International, Inc. (OIS)

$8.24

-0.03 (-0.36%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.54 | 8.24 | overvalue

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	1,088.13	1,017.35	638.07	573.16	737.71	691.14	647.51	606.63	568.34	532.46
Revenue (%)
Operating Cash Flow	103.17	137.43	132.75	7.19	32.86	68.43	64.11	60.06	56.27	52.72
Operating Cash Flow (%)
Capital Expenditure	-88.02	-56.12	-12.75	-17.52	-20.27	-29.59	-27.72	-25.97	-24.33	-22.80
Capital Expenditure (%)
Free Cash Flow	15.15	81.32	120.01	-10.32	12.60	38.84	36.39	34.09	31.94	29.92

Weighted Average Cost Of Capital

Share price	$ 8.24
Beta	2.948
Diluted Shares Outstanding	61.64
Cost of Debt
Tax Rate	-134.98
After-tax Cost of Debt	5.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity	18.352
Total Debt	179.70
Total Equity	507.90
Total Capital	687.59
Debt Weighting	26.13
Equity Weighting	73.87
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	1,088.13	1,017.35	638.07	573.16	737.71	691.14	647.51	606.63	568.34	532.46
Operating Cash Flow	103.17	137.43	132.75	7.19	32.86	68.43	64.11	60.06	56.27	52.72
Capital Expenditure	-88.02	-56.12	-12.75	-17.52	-20.27	-29.59	-27.72	-25.97	-24.33	-22.80
Free Cash Flow	15.15	81.32	120.01	-10.32	12.60	38.84	36.39	34.09	31.94	29.92
WACC
PV LFCF						33.76	27.49	22.39	18.23	14.84
SUM PV LFCF										116.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	15.05
Free cash flow (t + 1)	30.52
Terminal Value	233.88
Present Value of Terminal Value	116.03

Intrinsic Value

Enterprise Value	232.74
Net Debt	137.68
Equity Value	95.06
Shares Outstanding	61.64
Equity Value Per Share	1.54