Discounted Cash Flow (DCF) Analysis Levered
PG&E Corporation (PCG)
$17.14
-0.10 (-0.58%)
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 | 16,759 | 17,129 | 18,469 | 20,642 | 21,680 | 23,133.92 | 24,685.33 | 26,340.79 | 28,107.27 | 29,992.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,752 | 4,816 | -19,047 | 2,448 | 3,721 | -815.98 | -870.70 | -929.09 | -991.40 | -1,057.89 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -6,514 | -6,313 | -7,690 | -7,689 | -9,584 | -9,198.86 | -9,815.76 | -10,474.03 | -11,176.44 | -11,925.96 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,762 | -1,497 | -26,737 | -5,241 | -5,863 | -10,014.84 | -10,686.46 | -11,403.12 | -12,167.84 | -12,983.85 |
Weighted Average Cost Of Capital
| Share price | $ 17.14 |
|---|---|
| Beta | 1.129 |
| Diluted Shares Outstanding | 2,132 |
| Cost of Debt | |
| Tax Rate | -281.09 |
| After-tax Cost of Debt | 3.58% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.765 |
| Total Debt | 53,539 |
| Total Equity | 36,542.48 |
| Total Capital | 90,081.48 |
| Debt Weighting | 59.43 |
| Equity Weighting | 40.57 |
| 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 | 16,759 | 17,129 | 18,469 | 20,642 | 21,680 | 23,133.92 | 24,685.33 | 26,340.79 | 28,107.27 | 29,992.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,752 | 4,816 | -19,047 | 2,448 | 3,721 | -815.98 | -870.70 | -929.09 | -991.40 | -1,057.89 |
| Capital Expenditure | -6,514 | -6,313 | -7,690 | -7,689 | -9,584 | -9,198.86 | -9,815.76 | -10,474.03 | -11,176.44 | -11,925.96 |
| Free Cash Flow | -1,762 | -1,497 | -26,737 | -5,241 | -5,863 | -10,014.84 | -10,686.46 | -11,403.12 | -12,167.84 | -12,983.85 |
| WACC | ||||||||||
| PV LFCF | -9,439.94 | -9,494.78 | -9,549.93 | -9,605.40 | -9,661.20 | |||||
| SUM PV LFCF | -47,751.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.09 |
| Free cash flow (t + 1) | -13,243.52 |
| Terminal Value | -323,802.49 |
| Present Value of Terminal Value | -240,939.47 |
Intrinsic Value
| Enterprise Value | -288,690.72 |
|---|---|
| Net Debt | 52,805 |
| Equity Value | -341,495.72 |
| Shares Outstanding | 2,132 |
| Equity Value Per Share | -160.18 |