Discounted Cash Flow (DCF) Analysis Levered
PPL Corporation (PPL)
$26.785
-0.48 (-1.78%)
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 | 7,785 | 7,769 | 7,607 | 5,783 | 7,902 | 8,106.92 | 8,317.16 | 8,532.85 | 8,754.13 | 8,981.16 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,821 | 2,427 | 2,746 | 2,270 | 1,730 | 2,670.75 | 2,740.01 | 2,811.07 | 2,883.97 | 2,958.76 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -3,238 | -3,083 | -3,249 | -1,973 | -2,155 | -3,005.65 | -3,083.60 | -3,163.57 | -3,245.61 | -3,329.77 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -417 | -656 | -503 | 297 | -425 | -334.90 | -343.59 | -352.50 | -361.64 | -371.02 |
Weighted Average Cost Of Capital
Share price | $ 26.785 |
---|---|
Beta | 0.790 |
Diluted Shares Outstanding | 736.90 |
Cost of Debt | |
Tax Rate | 17.38 |
After-tax Cost of Debt | 2.98% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.317 |
Total Debt | 14,228 |
Total Equity | 19,737.92 |
Total Capital | 33,965.92 |
Debt Weighting | 41.89 |
Equity Weighting | 58.11 |
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 | 7,785 | 7,769 | 7,607 | 5,783 | 7,902 | 8,106.92 | 8,317.16 | 8,532.85 | 8,754.13 | 8,981.16 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,821 | 2,427 | 2,746 | 2,270 | 1,730 | 2,670.75 | 2,740.01 | 2,811.07 | 2,883.97 | 2,958.76 |
Capital Expenditure | -3,238 | -3,083 | -3,249 | -1,973 | -2,155 | -3,005.65 | -3,083.60 | -3,163.57 | -3,245.61 | -3,329.77 |
Free Cash Flow | -417 | -656 | -503 | 297 | -425 | -334.90 | -343.59 | -352.50 | -361.64 | -371.02 |
WACC | ||||||||||
PV LFCF | -317.44 | -308.70 | -300.19 | -291.92 | -283.88 | |||||
SUM PV LFCF | -1,502.12 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.50 |
Free cash flow (t + 1) | -378.44 |
Terminal Value | -10,812.46 |
Present Value of Terminal Value | -8,272.99 |
Intrinsic Value
Enterprise Value | -9,775.11 |
---|---|
Net Debt | 13,872 |
Equity Value | -23,647.11 |
Shares Outstanding | 736.90 |
Equity Value Per Share | -32.09 |