Discounted Cash Flow (DCF) Analysis Levered
Whitecap Resources Inc. (WCP.TO)
$9.37
-0.01 (-0.11%)
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 | 1,525.30 | 1,454.24 | 931.90 | 2,694.02 | 4,780.40 | 7,480.81 | 11,706.67 | 18,319.68 | 28,668.34 | 44,862.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 727.93 | 645.36 | 450.17 | 1,123.92 | 2,183.10 | 3,408.20 | 5,333.46 | 8,346.30 | 13,061.06 | 20,439.15 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -475.75 | -407.97 | -201.27 | -559.21 | -694.50 | -1,737.46 | -2,718.93 | -4,254.84 | -6,658.36 | -10,419.62 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 252.19 | 237.39 | 248.91 | 564.70 | 1,488.60 | 1,670.74 | 2,614.53 | 4,091.46 | 6,402.69 | 10,019.53 |
Weighted Average Cost Of Capital
| Share price | $ 9.37 |
|---|---|
| Beta | 2.824 |
| Diluted Shares Outstanding | 621.10 |
| Cost of Debt | |
| Tax Rate | 24.66 |
| After-tax Cost of Debt | 3.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.485 |
| Total Debt | 1,873.60 |
| Total Equity | 5,819.71 |
| Total Capital | 7,693.31 |
| Debt Weighting | 24.35 |
| Equity Weighting | 75.65 |
| 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 | 1,525.30 | 1,454.24 | 931.90 | 2,694.02 | 4,780.40 | 7,480.81 | 11,706.67 | 18,319.68 | 28,668.34 | 44,862.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 727.93 | 645.36 | 450.17 | 1,123.92 | 2,183.10 | 3,408.20 | 5,333.46 | 8,346.30 | 13,061.06 | 20,439.15 |
| Capital Expenditure | -475.75 | -407.97 | -201.27 | -559.21 | -694.50 | -1,737.46 | -2,718.93 | -4,254.84 | -6,658.36 | -10,419.62 |
| Free Cash Flow | 252.19 | 237.39 | 248.91 | 564.70 | 1,488.60 | 1,670.74 | 2,614.53 | 4,091.46 | 6,402.69 | 10,019.53 |
| WACC | ||||||||||
| PV LFCF | 1,465.69 | 2,012.15 | 2,762.35 | 3,792.24 | 5,206.11 | |||||
| SUM PV LFCF | 15,238.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.99 |
| Free cash flow (t + 1) | 10,219.92 |
| Terminal Value | 85,237.03 |
| Present Value of Terminal Value | 44,288.87 |
Intrinsic Value
| Enterprise Value | 59,527.40 |
|---|---|
| Net Debt | 1,902.60 |
| Equity Value | 57,624.80 |
| Shares Outstanding | 621.10 |
| Equity Value Per Share | 92.78 |