Discounted Cash Flow (DCF) Analysis Levered
Xcel Energy Inc. (XEL)
$68.1
-0.33 (-0.48%)
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 | 11,404 | 11,537 | 11,529 | 11,526 | 13,431 | 14,021.92 | 14,638.84 | 15,282.91 | 15,955.31 | 16,657.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,126 | 3,122 | 3,263 | 2,848 | 2,189 | 3,471.33 | 3,624.06 | 3,783.50 | 3,949.97 | 4,123.75 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,319 | -3,957 | -4,225 | -5,369 | -4,244 | -4,998.23 | -5,218.13 | -5,447.72 | -5,687.40 | -5,937.63 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -193 | -835 | -962 | -2,521 | -2,055 | -1,526.90 | -1,594.08 | -1,664.21 | -1,737.43 | -1,813.87 |
Weighted Average Cost Of Capital
| Share price | $ 68.1 |
|---|---|
| Beta | 0.437 |
| Diluted Shares Outstanding | 528 |
| Cost of Debt | |
| Tax Rate | -4.58 |
| After-tax Cost of Debt | 3.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.614 |
| Total Debt | 24,736 |
| Total Equity | 35,956.80 |
| Total Capital | 60,692.80 |
| Debt Weighting | 40.76 |
| Equity Weighting | 59.24 |
| 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 | 11,404 | 11,537 | 11,529 | 11,526 | 13,431 | 14,021.92 | 14,638.84 | 15,282.91 | 15,955.31 | 16,657.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,126 | 3,122 | 3,263 | 2,848 | 2,189 | 3,471.33 | 3,624.06 | 3,783.50 | 3,949.97 | 4,123.75 |
| Capital Expenditure | -3,319 | -3,957 | -4,225 | -5,369 | -4,244 | -4,998.23 | -5,218.13 | -5,447.72 | -5,687.40 | -5,937.63 |
| Free Cash Flow | -193 | -835 | -962 | -2,521 | -2,055 | -1,526.90 | -1,594.08 | -1,664.21 | -1,737.43 | -1,813.87 |
| WACC | ||||||||||
| PV LFCF | -1,459.47 | -1,456.40 | -1,453.33 | -1,450.27 | -1,447.22 | |||||
| SUM PV LFCF | -7,266.69 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.62 |
| Free cash flow (t + 1) | -1,850.15 |
| Terminal Value | -70,616.47 |
| Present Value of Terminal Value | -56,342.02 |
Intrinsic Value
| Enterprise Value | -63,608.71 |
|---|---|
| Net Debt | 24,570 |
| Equity Value | -88,178.71 |
| Shares Outstanding | 528 |
| Equity Value Per Share | -167.01 |