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 |