Discounted Cash Flow (DCF) Analysis Levered
Xcel Energy Inc. (XEL)
$65.55
+2.24 (+3.54%)
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 | 11,537 | 11,529 | 11,526 | 13,431 | 15,310 | 16,474.42 | 17,727.40 | 19,075.68 | 20,526.51 | 22,087.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,122 | 3,263 | 2,848 | 2,189 | 3,932 | 4,021.52 | 4,327.38 | 4,656.50 | 5,010.66 | 5,391.75 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,957 | -4,225 | -5,369 | -4,244 | -4,638 | -5,911.65 | -6,361.27 | -6,845.09 | -7,365.70 | -7,925.91 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -835 | -962 | -2,521 | -2,055 | -706 | -1,890.14 | -2,033.89 | -2,188.59 | -2,355.04 | -2,534.16 |
Weighted Average Cost Of Capital
| Share price | $ 65.55 |
|---|---|
| Beta | 0.421 |
| Diluted Shares Outstanding | 547 |
| Cost of Debt | |
| Tax Rate | -8.43 |
| After-tax Cost of Debt | 3.54% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.367 |
| Total Debt | 25,219 |
| Total Equity | 35,855.85 |
| Total Capital | 61,074.85 |
| Debt Weighting | 41.29 |
| Equity Weighting | 58.71 |
| 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 | 11,537 | 11,529 | 11,526 | 13,431 | 15,310 | 16,474.42 | 17,727.40 | 19,075.68 | 20,526.51 | 22,087.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,122 | 3,263 | 2,848 | 2,189 | 3,932 | 4,021.52 | 4,327.38 | 4,656.50 | 5,010.66 | 5,391.75 |
| Capital Expenditure | -3,957 | -4,225 | -5,369 | -4,244 | -4,638 | -5,911.65 | -6,361.27 | -6,845.09 | -7,365.70 | -7,925.91 |
| Free Cash Flow | -835 | -962 | -2,521 | -2,055 | -706 | -1,890.14 | -2,033.89 | -2,188.59 | -2,355.04 | -2,534.16 |
| WACC | ||||||||||
| PV LFCF | -1,727.22 | -1,776.68 | -1,827.56 | -1,879.89 | -1,933.72 | |||||
| SUM PV LFCF | -9,566.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.61 |
| Free cash flow (t + 1) | -2,584.84 |
| Terminal Value | -99,036.01 |
| Present Value of Terminal Value | -79,054.59 |
Intrinsic Value
| Enterprise Value | -88,621.25 |
|---|---|
| Net Debt | 25,108 |
| Equity Value | -113,729.25 |
| Shares Outstanding | 547 |
| Equity Value Per Share | -207.91 |