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 | -102.15 | -108.60 | -115.46 | -122.75 | -130.50 | |||||
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 |