Discounted Cash Flow (DCF) Analysis Levered

Oil States International, Inc. (OIS)

$3.66

-0.53 (-12.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.85 | 3.66 | undervalue

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 $ 3.66
Beta 2.991
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 17.816
Total Debt 208.68
Total Equity 220.67
Total Capital 429.36
Debt Weighting 48.60
Equity Weighting 51.40
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 37.2034.1331.3128.7226.35
SUM PV LFCF 157.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.26
Free cash flow (t + 1) 45.83
Terminal Value 494.89
Present Value of Terminal Value 290.28

Intrinsic Value

Enterprise Value 447.99
Net Debt 155.83
Equity Value 292.15
Shares Outstanding 60.29
Equity Value Per Share 4.85