Discounted Cash Flow (DCF) Analysis Levered

Cimarex Energy Co. (XEC)

- (-%)
All numbers are in Millions, Currency in USD
Stock DCF: -39.35 | | overvalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,257.351,918.252,339.022,362.971,558.591,720.231,898.622,095.522,312.832,552.68
Revenue (%)
Operating Cash Flow 599.231,096.561,550.991,343.97904.17984.041,086.091,198.721,323.031,460.24
Operating Cash Flow (%)
Capital Expenditure -721.79-1,278.48-1,670.04-1,323.49-650.98-1,008.84-1,113.46-1,228.94-1,356.38-1,497.04
Capital Expenditure (%)
Free Cash Flow -122.56-181.91-119.0520.48253.19-24.80-27.38-30.21-33.35-36.81

Weighted Average Cost Of Capital

Share price $ -
Beta 2.600
Diluted Shares Outstanding 99.95
Cost of Debt
Tax Rate 15.43
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.601
Total Debt 2,181.05
Total Equity -
Total Capital 2,181.05
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,257.351,918.252,339.022,362.971,558.591,720.231,898.622,095.522,312.832,552.68
Operating Cash Flow 599.231,096.561,550.991,343.97904.17984.041,086.091,198.721,323.031,460.24
Capital Expenditure -721.79-1,278.48-1,670.04-1,323.49-650.98-1,008.84-1,113.46-1,228.94-1,356.38-1,497.04
Free Cash Flow -122.56-181.91-119.0520.48253.19-24.80-27.38-30.21-33.35-36.81
WACC
PV LFCF -23.93-25.48-27.13-28.88-30.75
SUM PV LFCF -136.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.66
Free cash flow (t + 1) -37.54
Terminal Value -2,261.56
Present Value of Terminal Value -1,889.52

Intrinsic Value

Enterprise Value -2,025.68
Net Debt 1,907.91
Equity Value -3,933.59
Shares Outstanding 99.95
Equity Value Per Share -39.35