Discounted Cash Flow (DCF) Analysis Levered

PetroChina Company Limited (PTR)

$46.85

+2.66 (+-%)
All numbers are in Millions, Currency in USD
Stock DCF: 276.44 | 46.85 | 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 322,542.40376,574.08402,689.60309,413.76418,295.84455,642.78496,324.19540,637.78588,907.85641,487.64
Revenue (%)
Operating Cash Flow 58,664.8056,250.4057,537.6050,97254,635.0470,122.5676,383.3583,203.1390,631.8098,723.73
Operating Cash Flow (%)
Capital Expenditure -37,920.64-44,119.04-52,281.92-41,076.32-52,006.10-56,649.39-61,707.25-67,216.69-73,218.04-79,755.20
Capital Expenditure (%)
Free Cash Flow 20,744.1612,131.365,255.689,895.682,628.9413,473.1714,676.1015,986.4417,413.7618,968.53

Weighted Average Cost Of Capital

Share price $ 46.85
Beta 0.787
Diluted Shares Outstanding 1,830.21
Cost of Debt
Tax Rate 41.74
After-tax Cost of Debt 2.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.383
Total Debt 75,247.68
Total Equity 85,745.34
Total Capital 160,993.02
Debt Weighting 46.74
Equity Weighting 53.26
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 322,542.40376,574.08402,689.60309,413.76418,295.84455,642.78496,324.19540,637.78588,907.85641,487.64
Operating Cash Flow 58,664.8056,250.4057,537.6050,97254,635.0470,122.5676,383.3583,203.1390,631.8098,723.73
Capital Expenditure -37,920.64-44,119.04-52,281.92-41,076.32-52,006.10-56,649.39-61,707.25-67,216.69-73,218.04-79,755.20
Free Cash Flow 20,744.1612,131.365,255.689,895.682,628.9413,473.1714,676.1015,986.4417,413.7618,968.53
WACC
PV LFCF 12,821.8213,291.4013,778.1714,282.7714,805.85
SUM PV LFCF 68,980

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.08
Free cash flow (t + 1) 19,347.90
Terminal Value 628,178.47
Present Value of Terminal Value 490,323.52

Intrinsic Value

Enterprise Value 559,303.53
Net Debt 53,361.44
Equity Value 505,942.09
Shares Outstanding 1,830.21
Equity Value Per Share 276.44