Discounted Cash Flow (DCF) Analysis Levered

ProPetro Holding Corp. (PUMP)

$7.19

+0.04 (+0.56%)

All numbers are in Millions, Currency in USD

Stock DCF: 2.41 | 7.19 | overvalue

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