Discounted Cash Flow (DCF) Analysis Levered
Shell Midstream Partners, L.P. (SHLX)
$13.82
-0.13 (-0.93%)
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 | 470.10 | 524.70 | 503 | 481 | 556 | 581.99 | 609.19 | 637.67 | 667.48 | 698.68 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 432.40 | 508.40 | 597 | 650 | 612 | 643.41 | 673.49 | 704.97 | 737.92 | 772.42 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -58 | -49.20 | -38 | -27 | -11 | -42.91 | -44.91 | -47.01 | -49.21 | -51.51 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 374.40 | 459.20 | 559 | 623 | 601 | 600.51 | 628.58 | 657.96 | 688.71 | 720.91 |
Weighted Average Cost Of Capital
Share price | $ 13.82 |
---|---|
Beta | 1.367 |
Diluted Shares Outstanding | 444.10 |
Cost of Debt | |
Tax Rate | 2.11 |
After-tax Cost of Debt | 3.06% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.181 |
Total Debt | 2,719 |
Total Equity | 6,137.46 |
Total Capital | 8,856.46 |
Debt Weighting | 30.70 |
Equity Weighting | 69.30 |
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 | 470.10 | 524.70 | 503 | 481 | 556 | 581.99 | 609.19 | 637.67 | 667.48 | 698.68 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 432.40 | 508.40 | 597 | 650 | 612 | 643.41 | 673.49 | 704.97 | 737.92 | 772.42 |
Capital Expenditure | -58 | -49.20 | -38 | -27 | -11 | -42.91 | -44.91 | -47.01 | -49.21 | -51.51 |
Free Cash Flow | 374.40 | 459.20 | 559 | 623 | 601 | 600.51 | 628.58 | 657.96 | 688.71 | 720.91 |
WACC | ||||||||||
PV LFCF | 521.58 | 508.81 | 496.36 | 484.22 | 472.37 | |||||
SUM PV LFCF | 2,664.62 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.30 |
Free cash flow (t + 1) | 735.33 |
Terminal Value | 13,874.06 |
Present Value of Terminal Value | 9,754.50 |
Intrinsic Value
Enterprise Value | 12,419.12 |
---|---|
Net Debt | 2,358 |
Equity Value | 10,061.12 |
Shares Outstanding | 444.10 |
Equity Value Per Share | 22.66 |