Discounted Cash Flow (DCF) Analysis Levered
United States Steel Corporation (X)
$32.05
+0.05 (+0.16%)
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 | 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 | $ 32.05 |
|---|---|
| Beta | 2.146 |
| Diluted Shares Outstanding | 276.96 |
| Cost of Debt | |
| Tax Rate | 22.55 |
| After-tax Cost of Debt | 3.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.672 |
| Total Debt | 4,082 |
| Total Equity | 8,876.66 |
| Total Capital | 12,958.66 |
| Debt Weighting | 31.50 |
| Equity Weighting | 68.50 |
| 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 | 603.10 | 650.07 | 700.70 | 755.28 | 814.10 | |||||
| SUM PV LFCF | 3,523.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.00 |
| Free cash flow (t + 1) | 1,399.24 |
| Terminal Value | 15,547.11 |
| Present Value of Terminal Value | 9,226.46 |
Intrinsic Value
| Enterprise Value | 12,749.71 |
|---|---|
| Net Debt | 578 |
| Equity Value | 12,171.71 |
| Shares Outstanding | 276.96 |
| Equity Value Per Share | 43.95 |