Discounted Cash Flow (DCF) Analysis Levered
Cimarex Energy Co. (XEC)
-90.00 (-%)
All numbers are in Millions, Currency in USD
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 | 1,257.35 | 1,918.25 | 2,339.02 | 2,362.97 | 1,558.59 | 1,720.23 | 1,898.62 | 2,095.52 | 2,312.83 | 2,552.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 599.23 | 1,096.56 | 1,550.99 | 1,343.97 | 904.17 | 984.04 | 1,086.09 | 1,198.72 | 1,323.03 | 1,460.24 |
| 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 | -119.05 | 20.48 | 253.19 | -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 | 1.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 15.892 |
| 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 | 1,257.35 | 1,918.25 | 2,339.02 | 2,362.97 | 1,558.59 | 1,720.23 | 1,898.62 | 2,095.52 | 2,312.83 | 2,552.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 599.23 | 1,096.56 | 1,550.99 | 1,343.97 | 904.17 | 984.04 | 1,086.09 | 1,198.72 | 1,323.03 | 1,460.24 |
| 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 | -119.05 | 20.48 | 253.19 | -24.80 | -27.38 | -30.21 | -33.35 | -36.81 |
| WACC | ||||||||||
| PV LFCF | -22.46 | -24.38 | -26.46 | -28.73 | -31.19 | |||||
| SUM PV LFCF | -144.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.67 |
| Free cash flow (t + 1) | -37.54 |
| Terminal Value | 11,376.34 |
| Present Value of Terminal Value | 10,472.21 |
Intrinsic Value
| Enterprise Value | 10,327.49 |
|---|---|
| Net Debt | 1,907.91 |
| Equity Value | 8,419.58 |
| Shares Outstanding | 99.95 |
| Equity Value Per Share | 84.24 |