Discounted Cash Flow (DCF) Analysis Levered
Texas Pacific Land Corporation (TPL)
$1372
+42.70 (+3.21%)
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 | 300.22 | 490.50 | 302.55 | 450.96 | 667.42 | 871.18 | 1,137.13 | 1,484.28 | 1,937.40 | 2,528.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 191.65 | 342.79 | 207.04 | 265.16 | 447.15 | 571.40 | 745.84 | 973.53 | 1,270.74 | 1,658.67 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -72.18 | -37.23 | -22.03 | -15.55 | -0.24 | -73.87 | -96.43 | -125.86 | -164.29 | -214.44 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 119.47 | 305.56 | 185 | 249.61 | 446.90 | 497.53 | 649.42 | 847.67 | 1,106.45 | 1,444.23 |
Weighted Average Cost Of Capital
| Share price | $ 1,372 |
|---|---|
| Beta | 1.890 |
| Diluted Shares Outstanding | 7.73 |
| Cost of Debt | |
| Tax Rate | 21.53 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.613 |
| Total Debt | 1.96 |
| Total Equity | 10,601.18 |
| Total Capital | 10,603.14 |
| Debt Weighting | 0.02 |
| Equity Weighting | 99.98 |
| 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 | 300.22 | 490.50 | 302.55 | 450.96 | 667.42 | 871.18 | 1,137.13 | 1,484.28 | 1,937.40 | 2,528.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 191.65 | 342.79 | 207.04 | 265.16 | 447.15 | 571.40 | 745.84 | 973.53 | 1,270.74 | 1,658.67 |
| Capital Expenditure | -72.18 | -37.23 | -22.03 | -15.55 | -0.24 | -73.87 | -96.43 | -125.86 | -164.29 | -214.44 |
| Free Cash Flow | 119.47 | 305.56 | 185 | 249.61 | 446.90 | 497.53 | 649.42 | 847.67 | 1,106.45 | 1,444.23 |
| WACC | ||||||||||
| PV LFCF | - | - | - | - | - | |||||
| SUM PV LFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 1,473.12 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -508.88 |
| Equity Value | - |
| Shares Outstanding | 7.73 |
| Equity Value Per Share | - |