Discounted Cash Flow (DCF) Analysis Levered
SM Energy Company (SM)
$29.04
-0.50 (-1.69%)
All numbers are in Millions, Currency in USD
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 | 1,640.15 | 1,589.24 | 1,126.58 | 2,597.92 | 3,358.65 | 4,430.62 | 5,844.74 | 7,710.21 | 10,171.07 | 13,417.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 720.63 | 823.57 | 790.94 | 1,159.77 | 1.69 | 1,866.69 | 2,462.48 | 3,248.43 | 4,285.24 | 5,652.95 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,336.44 | -1,026.35 | -555.66 | -678.16 | -0.88 | -1,962.91 | -2,589.42 | -3,415.88 | -4,506.12 | -5,944.34 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -615.81 | -202.78 | 235.29 | 481.61 | 0.81 | -96.22 | -126.93 | -167.44 | -220.89 | -291.39 |
Weighted Average Cost Of Capital
| Share price | $ 29.04 |
|---|---|
| Beta | 4.403 |
| Diluted Shares Outstanding | 124.08 |
| Cost of Debt | |
| Tax Rate | 20.33 |
| After-tax Cost of Debt | 6.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 24.528 |
| Total Debt | 1,572.21 |
| Total Equity | 3,603.40 |
| Total Capital | 5,175.61 |
| Debt Weighting | 30.38 |
| Equity Weighting | 69.62 |
| 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 | 1,640.15 | 1,589.24 | 1,126.58 | 2,597.92 | 3,358.65 | 4,430.62 | 5,844.74 | 7,710.21 | 10,171.07 | 13,417.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 720.63 | 823.57 | 790.94 | 1,159.77 | 1.69 | 1,866.69 | 2,462.48 | 3,248.43 | 4,285.24 | 5,652.95 |
| Capital Expenditure | -1,336.44 | -1,026.35 | -555.66 | -678.16 | -0.88 | -1,962.91 | -2,589.42 | -3,415.88 | -4,506.12 | -5,944.34 |
| Free Cash Flow | -615.81 | -202.78 | 235.29 | 481.61 | 0.81 | -96.22 | -126.93 | -167.44 | -220.89 | -291.39 |
| WACC | ||||||||||
| PV LFCF | -57.20 | -63.45 | -70.37 | -78.06 | -86.58 | |||||
| SUM PV LFCF | -503.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 18.93 |
| Free cash flow (t + 1) | -297.21 |
| Terminal Value | -1,755.54 |
| Present Value of Terminal Value | -737.83 |
Intrinsic Value
| Enterprise Value | -1,240.88 |
|---|---|
| Net Debt | 1,127.21 |
| Equity Value | -2,368.09 |
| Shares Outstanding | 124.08 |
| Equity Value Per Share | -19.08 |