Discounted Cash Flow (DCF) Analysis Levered
Occidental Petroleum Corporation (OXY)
$62.41
+0.11 (+0.18%)
All numbers are in Millions, Currency in USD
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 | 17,824 | 20,393 | 17,809 | 25,956 | 36,634 | 44,750.95 | 54,666.37 | 66,778.73 | 81,574.81 | 99,649.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 7,669 | 7,203 | 3,842 | 10,253 | 16,810 | 16,585.45 | 20,260.27 | 24,749.31 | 30,232.99 | 36,931.68 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4,920 | -6,637 | -3,054 | -2,773 | -4,350 | -8,937.21 | -10,917.42 | -13,336.38 | -16,291.31 | -19,900.96 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,749 | 566 | 788 | 7,480 | 12,460 | 7,648.24 | 9,342.85 | 11,412.93 | 13,941.68 | 17,030.72 |
Weighted Average Cost Of Capital
| Share price | $ 62.41 |
|---|---|
| Beta | 1.793 |
| Diluted Shares Outstanding | 1,002 |
| Cost of Debt | |
| Tax Rate | 11.43 |
| After-tax Cost of Debt | 4.39% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.166 |
| Total Debt | 20,765 |
| Total Equity | 62,534.82 |
| Total Capital | 83,299.82 |
| Debt Weighting | 24.93 |
| Equity Weighting | 75.07 |
| 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 | 17,824 | 20,393 | 17,809 | 25,956 | 36,634 | 44,750.95 | 54,666.37 | 66,778.73 | 81,574.81 | 99,649.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 7,669 | 7,203 | 3,842 | 10,253 | 16,810 | 16,585.45 | 20,260.27 | 24,749.31 | 30,232.99 | 36,931.68 |
| Capital Expenditure | -4,920 | -6,637 | -3,054 | -2,773 | -4,350 | -8,937.21 | -10,917.42 | -13,336.38 | -16,291.31 | -19,900.96 |
| Free Cash Flow | 2,749 | 566 | 788 | 7,480 | 12,460 | 7,648.24 | 9,342.85 | 11,412.93 | 13,941.68 | 17,030.72 |
| WACC | ||||||||||
| PV LFCF | 6,891.54 | 7,585.60 | 8,349.55 | 9,190.44 | 10,116.01 | |||||
| SUM PV LFCF | 42,133.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.98 |
| Free cash flow (t + 1) | 17,371.33 |
| Terminal Value | 193,444.70 |
| Present Value of Terminal Value | 114,903.50 |
Intrinsic Value
| Enterprise Value | 157,036.64 |
|---|---|
| Net Debt | 19,781 |
| Equity Value | 137,255.64 |
| Shares Outstanding | 1,002 |
| Equity Value Per Share | 136.98 |