Discounted Cash Flow (DCF) Analysis Levered

Pampa Energía S.A. (PAM)

$38.515

+0.13 (+0.33%)
All numbers are in Millions, Currency in USD
Stock DCF: 62.16 | 38.515 | undervalue

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 2,919.982,8361,0711,5081,8291,815.181,801.471,787.861,774.351,760.94
Revenue (%)
Operating Cash Flow 608.37802693729741.49735.88730.32724.81719.33713.90
Operating Cash Flow (%)
Capital Expenditure -674.11-582-124-210-316.01-313.62-311.26-308.90-306.57-304.25
Capital Expenditure (%)
Free Cash Flow -65.73220569519425.47422.26419.07415.90412.76409.64

Weighted Average Cost Of Capital

Share price $ 38.515
Beta 1.110
Diluted Shares Outstanding 56.20
Cost of Debt
Tax Rate 21.51
After-tax Cost of Debt 10.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.932
Total Debt 1,613
Total Equity 2,164.54
Total Capital 3,777.54
Debt Weighting 42.70
Equity Weighting 57.30
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 2,919.982,8361,0711,5081,8291,815.181,801.471,787.861,774.351,760.94
Operating Cash Flow 608.37802693729741.49735.88730.32724.81719.33713.90
Capital Expenditure -674.11-582-124-210-316.01-313.62-311.26-308.90-306.57-304.25
Free Cash Flow -65.73220569519425.47422.26419.07415.90412.76409.64
WACC
PV LFCF 384.89348.17314.96284.91257.73
SUM PV LFCF 1,590.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.71
Free cash flow (t + 1) 417.83
Terminal Value 5,419.39
Present Value of Terminal Value 3,409.72

Intrinsic Value

Enterprise Value 5,000.39
Net Debt 1,507
Equity Value 3,493.39
Shares Outstanding 56.20
Equity Value Per Share 62.16