Discounted Cash Flow (DCF) Analysis Levered
Sunrun Inc. (RUN)
$26.72
-0.24 (-0.89%)
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 | 529.70 | 759.98 | 858.58 | 922.19 | 1,609.95 | 2,167.14 | 2,917.17 | 3,926.77 | 5,285.79 | 7,115.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -61.01 | -62.46 | -204.49 | -317.97 | -817.19 | -558.22 | -751.42 | -1,011.48 | -1,361.54 | -1,832.75 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -812.33 | -811.32 | -840.53 | -969.68 | -1,686.18 | -2,461.41 | -3,313.28 | -4,459.98 | -6,003.53 | -8,081.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -873.34 | -873.78 | -1,045.02 | -1,287.65 | -2,503.37 | -3,019.63 | -4,064.70 | -5,471.45 | -7,365.07 | -9,914.05 |
Weighted Average Cost Of Capital
| Share price | $ 26.72 |
|---|---|
| Beta | 2.281 |
| Diluted Shares Outstanding | 139.61 |
| Cost of Debt | |
| Tax Rate | 91.82 |
| After-tax Cost of Debt | 0.39% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.383 |
| Total Debt | 6,871.28 |
| Total Equity | 3,730.27 |
| Total Capital | 10,601.55 |
| Debt Weighting | 64.81 |
| Equity Weighting | 35.19 |
| 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 | 529.70 | 759.98 | 858.58 | 922.19 | 1,609.95 | 2,167.14 | 2,917.17 | 3,926.77 | 5,285.79 | 7,115.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -61.01 | -62.46 | -204.49 | -317.97 | -817.19 | -558.22 | -751.42 | -1,011.48 | -1,361.54 | -1,832.75 |
| Capital Expenditure | -812.33 | -811.32 | -840.53 | -969.68 | -1,686.18 | -2,461.41 | -3,313.28 | -4,459.98 | -6,003.53 | -8,081.30 |
| Free Cash Flow | -873.34 | -873.78 | -1,045.02 | -1,287.65 | -2,503.37 | -3,019.63 | -4,064.70 | -5,471.45 | -7,365.07 | -9,914.05 |
| WACC | ||||||||||
| PV LFCF | -2,213.79 | -2,829.71 | -3,616.98 | -4,623.28 | -5,909.56 | |||||
| SUM PV LFCF | -24,859.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.31 |
| Free cash flow (t + 1) | -10,112.33 |
| Terminal Value | -305,508.48 |
| Present Value of Terminal Value | -235,871.36 |
Intrinsic Value
| Enterprise Value | -260,731.19 |
|---|---|
| Net Debt | 6,253.65 |
| Equity Value | -266,984.83 |
| Shares Outstanding | 139.61 |
| Equity Value Per Share | -1,912.42 |