Discounted Cash Flow (DCF) Analysis Unlevered

Brookfield Renewable Partners L.P. (BEP-UN.TO)

$43.57

+0.42 (+0.97%)
All numbers are in Millions, Currency in USD
Stock DCF: 247.00 | 43.57 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,6252,9822,9803,8104,0964,596.655,158.505,789.026,496.617,290.69
Revenue (%)
EBITDA 1,4981,5271,5412,0662,1282,446.932,746.023,081.663,458.333,881.04
EBITDA (%)
EBIT 7167087436996271,007.641,130.801,269.021,424.131,598.20
EBIT (%)
Depreciation 7828197981,3671,5011,439.291,615.211,812.642,034.202,282.84
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 799173203431764671.26753.31845.39948.721,064.68
Total Cash (%)
Account Receivables 5025586598942,3011,283.311,440.171,616.201,813.742,035.44
Account Receivables (%)
Inventories ---2627.9531.3735.2039.5144.3349.75
Inventories (%)
Accounts Payable 117761111274,1271,055.581,184.611,329.401,491.891,674.24
Accounts Payable (%)
Capital Expenditure -355-235-195-447-1,967-806.28-904.83-1,015.43-1,139.54-1,278.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 43.57
Beta 0.745
Diluted Shares Outstanding 275.01
Cost of Debt
Tax Rate -607.69
After-tax Cost of Debt 4.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.117
Total Debt 21,529
Total Equity 11,982.20
Total Capital 33,511.20
Debt Weighting 64.24
Equity Weighting 35.76
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,6252,9822,9803,8104,0964,596.655,158.505,789.026,496.617,290.69
EBITDA 1,4981,5271,5412,0662,1282,446.932,746.023,081.663,458.333,881.04
EBIT 7167087436996271,007.641,130.801,269.021,424.131,598.20
Tax Rate 102.88%81.98%96.91%32.29%-607.69%-58.73%-58.73%-58.73%-58.73%-58.73%
EBIAT -20.60127.6022.93473.284,437.231,599.391,794.882,014.272,260.472,536.77
Depreciation 7828197981,3671,5011,439.291,615.211,812.642,034.202,282.84
Accounts Receivable --56-101-235-1,4071,017.69-156.86-176.03-197.55-221.69
Inventories -----1.95-3.42-3.83-4.30-4.83-5.42
Accounts Payable --4135164,000-3,071.42129.02144.79162.49182.35
Capital Expenditure -355-235-195-447-1,967-806.28-904.83-1,015.43-1,139.54-1,278.83
UFCF 406.40614.60559.931,174.286,562.28175.262,473.602,775.943,115.253,496.02
WACC
PV UFCF 166.172,223.672,366.052,517.542,678.73
SUM PV UFCF 9,952.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.47
Free cash flow (t + 1) 3,565.94
Terminal Value 102,764.90
Present Value of Terminal Value 78,740.84

Intrinsic Value

Enterprise Value 88,693.01
Net Debt 20,765
Equity Value 67,928.01
Shares Outstanding 275.01
Equity Value Per Share 247.00