Discounted Cash Flow (DCF) Analysis Levered
Patterson-UTI Energy, Inc. (PTEN)
$16
-0.20 (-1.23%)
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 | $ 16 |
---|---|
Beta | 2.628 |
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 | 15.290 |
Total Debt | 877.32 |
Total Equity | 3,008.21 |
Total Capital | 3,885.53 |
Debt Weighting | 22.58 |
Equity Weighting | 77.42 |
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 | 27.86 | 23.56 | 19.92 | 16.85 | 14.25 | |||||
SUM PV LFCF | 102.44 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 12.82 |
Free cash flow (t + 1) | 26.57 |
Terminal Value | 245.54 |
Present Value of Terminal Value | 134.33 |
Intrinsic Value
Enterprise Value | 236.77 |
---|---|
Net Debt | 759.80 |
Equity Value | -523.02 |
Shares Outstanding | 188.01 |
Equity Value Per Share | -2.78 |