Discounted Cash Flow (DCF) Analysis Levered

ONEOK, Inc. (OKE)

$63.54

+0.25 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: -38.41 | 63.54 | overvalue

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 12,173.9112,593.2010,164.378,542.2416,540.3119,096.9422,048.7625,456.8329,391.7033,934.77
Revenue (%)
Operating Cash Flow 1,315.412,186.721,946.781,899.072,546.273,244.513,746.014,325.034,993.555,765.40
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 803.0245.24-1,901.57-296.311,849.42-154.31-178.16-205.70-237.50-274.21

Weighted Average Cost Of Capital

Share price $ 63.54
Beta 1.705
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 10.836
Total Debt 13,732.87
Total Equity 28,427.99
Total Capital 42,160.86
Debt Weighting 32.57
Equity Weighting 67.43
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 12,173.9112,593.2010,164.378,542.2416,540.3119,096.9422,048.7625,456.8329,391.7033,934.77
Operating Cash Flow 1,315.412,186.721,946.781,899.072,546.273,244.513,746.014,325.034,993.555,765.40
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 803.0245.24-1,901.57-296.311,849.42-154.31-178.16-205.70-237.50-274.21
WACC
PV LFCF -142.07-151.01-160.51-170.62-181.36
SUM PV LFCF -805.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.62
Free cash flow (t + 1) -279.69
Terminal Value -4,224.95
Present Value of Terminal Value -2,794.30

Intrinsic Value

Enterprise Value -3,599.85
Net Debt 13,586.48
Equity Value -17,186.33
Shares Outstanding 447.40
Equity Value Per Share -38.41