Discounted Cash Flow (DCF) Analysis Levered
Patterson-UTI Energy, Inc. (PTEN)
$15.13
-0.63 (-4.00%)
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 | 2,356.68 | 3,327 | 2,470.68 | 1,124.25 | 1,357.08 | 1,294.82 | 1,235.41 | 1,178.73 | 1,124.65 | 1,073.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 300.71 | 730.67 | 696.20 | 278.86 | 95.50 | 245.35 | 234.09 | 223.35 | 213.10 | 203.32 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -567.09 | -641.46 | -347.51 | -145.48 | -166.32 | -213.92 | -204.10 | -194.74 | -185.80 | -177.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -266.38 | 89.21 | 348.69 | 133.38 | -70.82 | 31.43 | 29.99 | 28.61 | 27.30 | 26.05 |
Weighted Average Cost Of Capital
| Share price | $ 15.13 |
|---|---|
| Beta | 2.385 |
| Diluted Shares Outstanding | 188.01 |
| Cost of Debt | |
| Tax Rate | 9.06 |
| After-tax Cost of Debt | 4.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.147 |
| Total Debt | 877.32 |
| Total Equity | 2,844.64 |
| Total Capital | 3,721.96 |
| Debt Weighting | 23.57 |
| Equity Weighting | 76.43 |
| 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 | 2,356.68 | 3,327 | 2,470.68 | 1,124.25 | 1,357.08 | 1,294.82 | 1,235.41 | 1,178.73 | 1,124.65 | 1,073.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 300.71 | 730.67 | 696.20 | 278.86 | 95.50 | 245.35 | 234.09 | 223.35 | 213.10 | 203.32 |
| Capital Expenditure | -567.09 | -641.46 | -347.51 | -145.48 | -166.32 | -213.92 | -204.10 | -194.74 | -185.80 | -177.28 |
| Free Cash Flow | -266.38 | 89.21 | 348.69 | 133.38 | -70.82 | 31.43 | 29.99 | 28.61 | 27.30 | 26.05 |
| WACC | ||||||||||
| PV LFCF | 28.10 | 23.97 | 20.45 | 17.45 | 14.89 | |||||
| SUM PV LFCF | 104.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.84 |
| Free cash flow (t + 1) | 26.57 |
| Terminal Value | 269.99 |
| Present Value of Terminal Value | 154.30 |
Intrinsic Value
| Enterprise Value | 259.16 |
|---|---|
| Net Debt | 759.80 |
| Equity Value | -500.64 |
| Shares Outstanding | 188.01 |
| Equity Value Per Share | -2.66 |