Discounted Cash Flow (DCF) Analysis Levered
PG&E Corporation (PCG)
$12.35
+0.34 (+2.83%)
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 | 17,135 | 16,759 | 17,129 | 18,469 | 20,642 | 21,653.57 | 22,714.70 | 23,827.84 | 24,995.53 | 26,220.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,977 | 4,752 | 4,816 | -19,047 | 2,448 | 3.57 | 3.75 | 3.93 | 4.13 | 4.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -5,641 | -6,514 | -6,313 | -7,690 | -7,689 | -8,121.47 | -8,519.46 | -8,936.96 | -9,374.92 | -9,834.34 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 336 | -1,762 | -1,497 | -26,737 | -5,241 | -8,117.89 | -8,515.71 | -8,933.02 | -9,370.79 | -9,830.01 |
Weighted Average Cost Of Capital
| Share price | $ 12.35 |
|---|---|
| Beta | 1.181 |
| Diluted Shares Outstanding | 1,257 |
| Cost of Debt | |
| Tax Rate | 111.76 |
| After-tax Cost of Debt | -0.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.319 |
| Total Debt | 41,548 |
| Total Equity | 15,523.95 |
| Total Capital | 57,071.95 |
| Debt Weighting | 72.80 |
| Equity Weighting | 27.20 |
| 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 | 17,135 | 16,759 | 17,129 | 18,469 | 20,642 | 21,653.57 | 22,714.70 | 23,827.84 | 24,995.53 | 26,220.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,977 | 4,752 | 4,816 | -19,047 | 2,448 | 3.57 | 3.75 | 3.93 | 4.13 | 4.33 |
| Capital Expenditure | -5,641 | -6,514 | -6,313 | -7,690 | -7,689 | -8,121.47 | -8,519.46 | -8,936.96 | -9,374.92 | -9,834.34 |
| Free Cash Flow | 336 | -1,762 | -1,497 | -26,737 | -5,241 | -8,117.89 | -8,515.71 | -8,933.02 | -9,370.79 | -9,830.01 |
| WACC | ||||||||||
| PV LFCF | -7,665.44 | -7,888.83 | -8,118.74 | -8,355.34 | -8,598.84 | |||||
| SUM PV LFCF | -42,210.53 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.93 |
| Free cash flow (t + 1) | -10,026.61 |
| Terminal Value | 14,323,724.21 |
| Present Value of Terminal Value | 13,018,046.83 |
Intrinsic Value
| Enterprise Value | 12,975,836.30 |
|---|---|
| Net Debt | 41,383 |
| Equity Value | 12,934,453.30 |
| Shares Outstanding | 1,257 |
| Equity Value Per Share | 10,289.94 |