Discounted Cash Flow (DCF) Analysis Levered
Schlumberger Limited (SLB)
$41.13
-1.82 (-4.24%)
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 | 30,440 | 32,815 | 32,917 | 23,601 | 22,929 | 21,608.53 | 20,364.11 | 19,191.35 | 18,086.14 | 17,044.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,663 | 5,713 | 5,431 | 2,944 | 4,651 | 3,685.16 | 3,472.94 | 3,272.93 | 3,084.45 | 2,906.81 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,383 | -2,260 | -1,955 | -1,217 | -1,180 | -1,337.90 | -1,260.85 | -1,188.24 | -1,119.81 | -1,055.32 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,280 | 3,453 | 3,476 | 1,727 | 3,471 | 2,347.26 | 2,212.09 | 2,084.69 | 1,964.64 | 1,851.49 |
Weighted Average Cost Of Capital
| Share price | $ 41.13 |
|---|---|
| Beta | 2.038 |
| Diluted Shares Outstanding | 1,424 |
| Cost of Debt | |
| Tax Rate | 20.77 |
| After-tax Cost of Debt | 3.01% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.504 |
| Total Debt | 14,195 |
| Total Equity | 58,569.12 |
| Total Capital | 72,764.12 |
| Debt Weighting | 19.51 |
| Equity Weighting | 80.49 |
| 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 | 30,440 | 32,815 | 32,917 | 23,601 | 22,929 | 21,608.53 | 20,364.11 | 19,191.35 | 18,086.14 | 17,044.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,663 | 5,713 | 5,431 | 2,944 | 4,651 | 3,685.16 | 3,472.94 | 3,272.93 | 3,084.45 | 2,906.81 |
| Capital Expenditure | -2,383 | -2,260 | -1,955 | -1,217 | -1,180 | -1,337.90 | -1,260.85 | -1,188.24 | -1,119.81 | -1,055.32 |
| Free Cash Flow | 3,280 | 3,453 | 3,476 | 1,727 | 3,471 | 2,347.26 | 2,212.09 | 2,084.69 | 1,964.64 | 1,851.49 |
| WACC | ||||||||||
| PV LFCF | 2,121.34 | 1,806.75 | 1,538.82 | 1,310.62 | 1,116.26 | |||||
| SUM PV LFCF | 7,893.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.65 |
| Free cash flow (t + 1) | 1,888.52 |
| Terminal Value | 21,832.65 |
| Present Value of Terminal Value | 13,162.83 |
Intrinsic Value
| Enterprise Value | 21,056.63 |
|---|---|
| Net Debt | 12,438 |
| Equity Value | 8,618.63 |
| Shares Outstanding | 1,424 |
| Equity Value Per Share | 6.05 |