Discounted Cash Flow (DCF) Analysis Levered
ProPetro Holding Corp. (PUMP)
$7.19
+0.04 (+0.56%)
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 | 1,704.56 | 2,052.31 | 789.23 | 874.51 | 1,279.70 | 1,330.87 | 1,384.09 | 1,439.44 | 1,497 | 1,556.87 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 393.08 | 455.29 | 139.12 | 154.71 | 300.43 | 276.93 | 288 | 299.52 | 311.50 | 323.95 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -284.20 | -502.89 | -100.60 | -143.52 | -319.68 | -253.71 | -263.85 | -274.40 | -285.38 | -296.79 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 108.88 | -47.60 | 38.52 | 11.19 | -19.25 | 23.22 | 24.15 | 25.12 | 26.12 | 27.16 |
Weighted Average Cost Of Capital
Share price | $ 7.19 |
---|---|
Beta | 2.378 |
Diluted Shares Outstanding | 106.94 |
Cost of Debt | |
Tax Rate | 72.52 |
After-tax Cost of Debt | 1.33% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 14.719 |
Total Debt | 33.16 |
Total Equity | 768.89 |
Total Capital | 802.05 |
Debt Weighting | 4.13 |
Equity Weighting | 95.87 |
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 | 1,704.56 | 2,052.31 | 789.23 | 874.51 | 1,279.70 | 1,330.87 | 1,384.09 | 1,439.44 | 1,497 | 1,556.87 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 393.08 | 455.29 | 139.12 | 154.71 | 300.43 | 276.93 | 288 | 299.52 | 311.50 | 323.95 |
Capital Expenditure | -284.20 | -502.89 | -100.60 | -143.52 | -319.68 | -253.71 | -263.85 | -274.40 | -285.38 | -296.79 |
Free Cash Flow | 108.88 | -47.60 | 38.52 | 11.19 | -19.25 | 23.22 | 24.15 | 25.12 | 26.12 | 27.16 |
WACC | ||||||||||
PV LFCF | 20.34 | 18.53 | 16.88 | 15.37 | 14 | |||||
SUM PV LFCF | 85.12 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 14.17 |
Free cash flow (t + 1) | 27.71 |
Terminal Value | 227.67 |
Present Value of Terminal Value | 117.37 |
Intrinsic Value
Enterprise Value | 202.49 |
---|---|
Net Debt | -55.70 |
Equity Value | 258.19 |
Shares Outstanding | 106.94 |
Equity Value Per Share | 2.41 |