Discounted Cash Flow (DCF) Analysis Levered

PG&E Corporation (PCG)

$12.35

+0.34 (+2.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 10,289.94 | 12.35 | undervalue

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 17,13516,75917,12918,46920,64221,653.5722,714.7023,827.8424,995.5326,220.44
Revenue (%)
Operating Cash Flow 5,9774,7524,816-19,0472,4483.573.753.934.134.33
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 17,13516,75917,12918,46920,64221,653.5722,714.7023,827.8424,995.5326,220.44
Operating Cash Flow 5,9774,7524,816-19,0472,4483.573.753.934.134.33
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