Discounted Cash Flow (DCF) Analysis Unlevered

DTE Energy Company (DTE)

$121.7

-1.31 (-1.06%)
All numbers are in Millions, Currency in USD
Stock DCF: -109.82 | 121.7 | overvalue

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 12,60714,21212,66912,17714,96415,745.0416,566.8517,431.5618,341.3919,298.72
Revenue (%)
EBITDA 2,8752,9013,2253,6982,8663,721.953,916.224,120.624,335.704,562
EBITDA (%)
EBIT 1,8451,7771,9622,2551,4072,221.502,337.452,459.452,587.822,722.89
EBIT (%)
Depreciation 1,0301,1241,2631,4431,4591,500.451,578.771,661.171,747.871,839.10
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 66719351428194.15204.28214.94226.16237.97
Total Cash (%)
Account Receivables 1,8561,8971,8871,7921,8302,201.482,316.382,437.282,564.502,698.35
Account Receivables (%)
Inventories 779811759716858928.65977.121,028.121,081.781,138.25
Inventories (%)
Accounts Payable 1,1711,3291,0761,0291,4141,418.081,492.101,569.981,651.921,738.14
Accounts Payable (%)
Capital Expenditure -2,250-2,713-2,997-3,857-3,772-3,699.28-3,892.37-4,095.53-4,309.29-4,534.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 121.7
Beta 0.594
Diluted Shares Outstanding 194
Cost of Debt
Tax Rate -38.26
After-tax Cost of Debt 3.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.770
Total Debt 18,251
Total Equity 23,609.80
Total Capital 41,860.80
Debt Weighting 43.60
Equity Weighting 56.40
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 12,60714,21212,66912,17714,96415,745.0416,566.8517,431.5618,341.3919,298.72
EBITDA 2,8752,9013,2253,6982,8663,721.953,916.224,120.624,335.704,562
EBIT 1,8451,7771,9622,2551,4072,221.502,337.452,459.452,587.822,722.89
Tax Rate 11.89%7.89%11.71%11.05%-38.26%0.86%0.86%0.86%0.86%0.86%
EBIAT 1,625.661,636.711,732.312,005.751,945.352,202.482,317.442,438.392,565.672,699.58
Depreciation 1,0301,1241,2631,4431,4591,500.451,578.771,661.171,747.871,839.10
Accounts Receivable --411095-38-371.48-114.91-120.90-127.21-133.85
Inventories --325243-142-70.65-48.47-51-53.66-56.46
Accounts Payable -158-253-473854.0874.0277.8881.9486.22
Capital Expenditure -2,250-2,713-2,997-3,857-3,772-3,699.28-3,892.37-4,095.53-4,309.29-4,534.22
UFCF 405.66132.71-192.69-317.25-162.65-434.40-85.52-89.99-94.68-99.63
WACC
PV UFCF -412.46-77.10-77.03-76.95-76.88
SUM PV UFCF -720.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.32
Free cash flow (t + 1) -101.62
Terminal Value -3,060.81
Present Value of Terminal Value -2,362.01

Intrinsic Value

Enterprise Value -3,082.43
Net Debt 18,223
Equity Value -21,305.43
Shares Outstanding 194
Equity Value Per Share -109.82