Discounted Cash Flow (DCF) Analysis Levered
United States Steel Corporation (X)
$23.99
-1.24 (-4.91%)
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 | 12,250 | 14,178 | 12,937 | 9,741 | 20,275 | 24,858.28 | 30,477.64 | 37,367.28 | 45,814.37 | 56,170.97 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 802 | 938 | 682 | 138 | 4,090 | 1,989.85 | 2,439.66 | 2,991.16 | 3,667.33 | 4,496.36 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -505 | -1,001 | -1,252 | -725 | -863 | -1,618.75 | -1,984.68 | -2,433.33 | -2,983.39 | -3,657.81 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 297 | -63 | -570 | -587 | 3,227 | 371.10 | 454.99 | 557.84 | 683.94 | 838.55 |
Weighted Average Cost Of Capital
Share price | $ 23.99 |
---|---|
Beta | 2.003 |
Diluted Shares Outstanding | 196.72 |
Cost of Debt | |
Tax Rate | 3.91 |
After-tax Cost of Debt | 7.36% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.339 |
Total Debt | 4,085 |
Total Equity | 4,719.34 |
Total Capital | 8,804.34 |
Debt Weighting | 46.40 |
Equity Weighting | 53.60 |
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 | 12,250 | 14,178 | 12,937 | 9,741 | 20,275 | 24,858.28 | 30,477.64 | 37,367.28 | 45,814.37 | 56,170.97 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 802 | 938 | 682 | 138 | 4,090 | 1,989.85 | 2,439.66 | 2,991.16 | 3,667.33 | 4,496.36 |
Capital Expenditure | -505 | -1,001 | -1,252 | -725 | -863 | -1,618.75 | -1,984.68 | -2,433.33 | -2,983.39 | -3,657.81 |
Free Cash Flow | 297 | -63 | -570 | -587 | 3,227 | 371.10 | 454.99 | 557.84 | 683.94 | 838.55 |
WACC | ||||||||||
PV LFCF | 337.27 | 375.82 | 418.77 | 466.63 | 519.96 | |||||
SUM PV LFCF | 2,118.45 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.03 |
Free cash flow (t + 1) | 855.32 |
Terminal Value | 10,651.54 |
Present Value of Terminal Value | 6,604.76 |
Intrinsic Value
Enterprise Value | 8,723.20 |
---|---|
Net Debt | 1,563 |
Equity Value | 7,160.20 |
Shares Outstanding | 196.72 |
Equity Value Per Share | 36.40 |