Discounted Cash Flow (DCF) Analysis Levered
Shell Midstream Partners, L.P. (SHLX)
$15.82
-0.01 (-0.06%)
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 | $ 15.82 |
---|---|
Beta | 1.215 |
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 | 9.479 |
Total Debt | 2,719 |
Total Equity | 7,025.66 |
Total Capital | 9,744.66 |
Debt Weighting | 27.90 |
Equity Weighting | 72.10 |
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 | 414.61 | 403 | 391.72 | 380.75 | 370.08 | |||||
SUM PV LFCF | 2,636.29 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.69 |
Free cash flow (t + 1) | 735.33 |
Terminal Value | 12,923.12 |
Present Value of Terminal Value | 8,922.58 |
Intrinsic Value
Enterprise Value | 11,558.87 |
---|---|
Net Debt | 2,358 |
Equity Value | 9,200.87 |
Shares Outstanding | 444.10 |
Equity Value Per Share | 20.72 |