Discounted Cash Flow (DCF) Analysis Levered
Sunoco LP (SUN)
$48.09
+0.43 (+0.90%)
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 | 11,723 | 16,994 | 16,596 | 10,710 | 17,596 | 20,739.07 | 24,443.56 | 28,809.76 | 33,955.88 | 40,021.21 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 439 | -37 | 435 | 502 | 543 | 577.43 | 680.57 | 802.14 | 945.42 | 1,114.29 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -142 | -105 | -148 | -124 | -174 | -201.90 | -237.96 | -280.47 | -330.57 | -389.61 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 297 | -142 | 287 | 378 | 369 | 375.53 | 442.61 | 521.67 | 614.85 | 724.68 |
Weighted Average Cost Of Capital
Share price | $ 48.09 |
---|---|
Beta | 1.347 |
Diluted Shares Outstanding | 84.44 |
Cost of Debt | |
Tax Rate | 19.49 |
After-tax Cost of Debt | 3.31% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.892 |
Total Debt | 3,795 |
Total Equity | 4,060.64 |
Total Capital | 7,855.64 |
Debt Weighting | 48.31 |
Equity Weighting | 51.69 |
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 | 11,723 | 16,994 | 16,596 | 10,710 | 17,596 | 20,739.07 | 24,443.56 | 28,809.76 | 33,955.88 | 40,021.21 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 439 | -37 | 435 | 502 | 543 | 577.43 | 680.57 | 802.14 | 945.42 | 1,114.29 |
Capital Expenditure | -142 | -105 | -148 | -124 | -174 | -201.90 | -237.96 | -280.47 | -330.57 | -389.61 |
Free Cash Flow | 297 | -142 | 287 | 378 | 369 | 375.53 | 442.61 | 521.67 | 614.85 | 724.68 |
WACC | ||||||||||
PV LFCF | 329.79 | 364.25 | 402.32 | 444.37 | 490.81 | |||||
SUM PV LFCF | 2,167.87 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.71 |
Free cash flow (t + 1) | 739.17 |
Terminal Value | 15,693.71 |
Present Value of Terminal Value | 11,342.27 |
Intrinsic Value
Enterprise Value | 13,510.14 |
---|---|
Net Debt | 3,770 |
Equity Value | 9,740.14 |
Shares Outstanding | 84.44 |
Equity Value Per Share | 115.35 |