Discounted Cash Flow (DCF) Analysis Levered

Schlumberger Limited (SLB.PA)

43.31 €

+1.87 (+4.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.72 | 43.31 | 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 32,81532,91723,60122,92928,09127,506.3526,933.8826,373.3225,824.4225,286.95
Revenue (%)
Operating Cash Flow 5,7135,4312,9444,6513,7204,396.064,304.574,214.984,127.254,041.35
Operating Cash Flow (%)
Capital Expenditure -2,160-1,724-1,116-1,180-1,715-1,529.35-1,497.52-1,466.35-1,435.83-1,405.95
Capital Expenditure (%)
Free Cash Flow 3,5533,7071,8283,4712,0052,866.712,807.052,748.632,691.422,635.41

Weighted Average Cost Of Capital

Share price $ 43.31
Beta 1.780
Diluted Shares Outstanding 1,437
Cost of Debt
Tax Rate 19.43
After-tax Cost of Debt 3.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.091
Total Debt 12,226
Total Equity 62,236.47
Total Capital 74,462.47
Debt Weighting 16.42
Equity Weighting 83.58
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 32,81532,91723,60122,92928,09127,506.3526,933.8826,373.3225,824.4225,286.95
Operating Cash Flow 5,7135,4312,9444,6513,7204,396.064,304.574,214.984,127.254,041.35
Capital Expenditure -2,160-1,724-1,116-1,180-1,715-1,529.35-1,497.52-1,466.35-1,435.83-1,405.95
Free Cash Flow 3,5533,7071,8283,4712,0052,866.712,807.052,748.632,691.422,635.41
WACC
PV LFCF 2,116.641,873.271,657.891,467.271,298.56
SUM PV LFCF 10,299.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.64
Free cash flow (t + 1) 2,688.11
Terminal Value 31,112.43
Present Value of Terminal Value 18,766.06

Intrinsic Value

Enterprise Value 29,065.37
Net Debt 12,226
Equity Value 16,839.37
Shares Outstanding 1,437
Equity Value Per Share 11.72