Discounted Cash Flow (DCF) Analysis Levered
ONEOK, Inc. (OKE)
$54.57
+1.26 (+2.36%)
All numbers are in Millions, Currency in USD
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 | 12,173.91 | 12,593.20 | 10,164.37 | 8,542.24 | 16,540.31 | 19,096.94 | 22,048.76 | 25,456.83 | 29,391.70 | 33,934.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,315.41 | 2,186.72 | 1,946.78 | 1,899.07 | 2,546.27 | 3,244.51 | 3,746.01 | 4,325.03 | 4,993.55 | 5,765.40 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -512.39 | -2,141.47 | -3,848.35 | -2,195.38 | -696.85 | -3,398.82 | -3,924.17 | -4,530.73 | -5,231.05 | -6,039.61 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 803.02 | 45.24 | -1,901.57 | -296.31 | 1,849.42 | -154.31 | -178.16 | -205.70 | -237.50 | -274.21 |
Weighted Average Cost Of Capital
| Share price | $ 54.57 |
|---|---|
| Beta | 1.702 |
| Diluted Shares Outstanding | 447.40 |
| Cost of Debt | |
| Tax Rate | 24.42 |
| After-tax Cost of Debt | 4.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.160 |
| Total Debt | 13,732.87 |
| Total Equity | 24,414.78 |
| Total Capital | 38,147.65 |
| Debt Weighting | 36.00 |
| Equity Weighting | 64.00 |
| 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 | 12,173.91 | 12,593.20 | 10,164.37 | 8,542.24 | 16,540.31 | 19,096.94 | 22,048.76 | 25,456.83 | 29,391.70 | 33,934.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,315.41 | 2,186.72 | 1,946.78 | 1,899.07 | 2,546.27 | 3,244.51 | 3,746.01 | 4,325.03 | 4,993.55 | 5,765.40 |
| Capital Expenditure | -512.39 | -2,141.47 | -3,848.35 | -2,195.38 | -696.85 | -3,398.82 | -3,924.17 | -4,530.73 | -5,231.05 | -6,039.61 |
| Free Cash Flow | 803.02 | 45.24 | -1,901.57 | -296.31 | 1,849.42 | -154.31 | -178.16 | -205.70 | -237.50 | -274.21 |
| WACC | ||||||||||
| PV LFCF | -142.09 | -151.06 | -160.60 | -170.74 | -181.52 | |||||
| SUM PV LFCF | -806.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.60 |
| Free cash flow (t + 1) | -279.69 |
| Terminal Value | -4,237.75 |
| Present Value of Terminal Value | -2,805.35 |
Intrinsic Value
| Enterprise Value | -3,611.37 |
|---|---|
| Net Debt | 13,586.48 |
| Equity Value | -17,197.84 |
| Shares Outstanding | 447.40 |
| Equity Value Per Share | -38.44 |