Discounted Cash Flow (DCF) Analysis Levered

United States Steel Corporation (USX1.DE)

20.645 €

-0.30 (-1.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 100.01 | 20.645 | undervalue

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	14,178	12,937	9,741	20,275	21,065	25,203.22	30,154.38	36,078.21	43,165.77	51,645.68
Revenue (%)
Operating Cash Flow	938	682	138	4,090	3,505	2,526.16	3,022.43	3,616.18	4,326.58	5,176.54
Operating Cash Flow (%)
Capital Expenditure	-1,001	-1,252	-725	-863	-1,769	-1,856.72	-2,221.47	-2,657.88	-3,180.02	-3,804.73
Capital Expenditure (%)
Free Cash Flow	-63	-570	-587	3,227	1,736	669.44	800.96	958.30	1,146.56	1,371.80

Weighted Average Cost Of Capital

Share price	$ 20.645
Beta	2.140
Diluted Shares Outstanding	196.72
Cost of Debt
Tax Rate	22.55
After-tax Cost of Debt	1.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.844
Total Debt	4,082
Total Equity	4,061.31
Total Capital	8,143.31
Debt Weighting	50.13
Equity Weighting	49.87
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	14,178	12,937	9,741	20,275	21,065	25,203.22	30,154.38	36,078.21	43,165.77	51,645.68
Operating Cash Flow	938	682	138	4,090	3,505	2,526.16	3,022.43	3,616.18	4,326.58	5,176.54
Capital Expenditure	-1,001	-1,252	-725	-863	-1,769	-1,856.72	-2,221.47	-2,657.88	-3,180.02	-3,804.73
Free Cash Flow	-63	-570	-587	3,227	1,736	669.44	800.96	958.30	1,146.56	1,371.80
WACC
PV LFCF						620.72	688.60	763.91	847.46	940.14
SUM PV LFCF										3,860.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.85
Free cash flow (t + 1)	1,399.24
Terminal Value	23,918.64
Present Value of Terminal Value	16,392.14

Intrinsic Value

Enterprise Value	20,252.96
Net Debt	578
Equity Value	19,674.96
Shares Outstanding	196.72
Equity Value Per Share	100.01