Discounted Cash Flow (DCF) Analysis Unlevered
DTE Energy Company (DTY)
$24.99
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 10,630 | 12,607 | 14,212 | 12,669 | 754 | 615.31 | 502.13 | 409.77 | 334.39 | 272.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2,645 | 2,928 | 2,946 | 3,285 | 1,770 | 405.51 | 330.92 | 270.05 | 220.38 | 179.84 |
| EBITDA (%) | ||||||||||
| EBIT | 1,611 | 1,845 | 1,777 | 1,962 | 327 | 124.48 | 101.58 | 82.89 | 67.65 | 55.20 |
| EBIT (%) | ||||||||||
| Depreciation | 1,034 | 1,083 | 1,169 | 1,323 | 1,443 | 281.03 | 229.34 | 187.15 | 152.73 | 124.64 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 139 | 169 | 173 | 226 | 35.87 | 12.81 | 10.45 | 8.53 | 6.96 | 5.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1,522 | 1,758 | 1,789 | 1,642 | 8 | 67.53 | 55.11 | 44.97 | 36.70 | 29.95 |
| Account Receivables (%) | ||||||||||
| Inventories | 356 | 380 | 405 | 386 | 23.11 | 18.86 | 15.39 | 12.56 | 10.25 | 8.36 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1,079 | 1,171 | 1,329 | 1,076 | 2 | 46.21 | 37.71 | 30.77 | 25.11 | 20.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1,503 | -1,574 | -1,989 | -2,200 | -109.30 | -89.20 | -72.79 | -59.40 | -48.47 | -39.56 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 24.99 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 192 |
| Cost of Debt | |
| Tax Rate | 26.36 |
| After-tax Cost of Debt | -2.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.693 |
| Total Debt | 3,021.43 |
| Total Equity | 4,798.08 |
| Total Capital | 7,819.51 |
| Debt Weighting | 38.64 |
| Equity Weighting | 61.36 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 10,630 | 12,607 | 14,212 | 12,669 | 754 | 615.31 | 502.13 | 409.77 | 334.39 | 272.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2,645 | 2,928 | 2,946 | 3,285 | 1,770 | 405.51 | 330.92 | 270.05 | 220.38 | 179.84 |
| EBIT | 1,611 | 1,845 | 1,777 | 1,962 | 327 | 124.48 | 101.58 | 82.89 | 67.65 | 55.20 |
| Tax Rate | 21.45% | 11.89% | 7.89% | 11.71% | 26.36% | 15.86% | 15.86% | 15.86% | 15.86% | 15.86% |
| EBIAT | 1,265.47 | 1,625.66 | 1,636.71 | 1,732.31 | 240.79 | 104.73 | 85.47 | 69.75 | 56.92 | 46.45 |
| Depreciation | 1,034 | 1,083 | 1,169 | 1,323 | 1,443 | 281.03 | 229.34 | 187.15 | 152.73 | 124.64 |
| Accounts Receivable | - | -236 | -31 | 147 | 1,634 | -59.53 | 12.42 | 10.14 | 8.27 | 6.75 |
| Inventories | - | -24 | -25 | 19 | 362.89 | 4.25 | 3.47 | 2.83 | 2.31 | 1.89 |
| Accounts Payable | - | 92 | 158 | -253 | -1,074 | 44.21 | -8.50 | -6.94 | -5.66 | -4.62 |
| Capital Expenditure | -1,503 | -1,574 | -1,989 | -2,200 | -109.30 | -89.20 | -72.79 | -59.40 | -48.47 | -39.56 |
| UFCF | 796.47 | 966.66 | 918.71 | 768.31 | 2,497.38 | 285.50 | 249.41 | 203.53 | 166.09 | 135.54 |
| WACC | ||||||||||
| PV UFCF | 282.11 | 243.53 | 196.38 | 158.35 | 127.69 | |||||
| SUM PV UFCF | 1,008.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.20 |
| Free cash flow (t + 1) | 138.25 |
| Terminal Value | -17,281.61 |
| Present Value of Terminal Value | -16,281.02 |
Intrinsic Value
| Enterprise Value | -15,272.96 |
|---|---|
| Net Debt | 2,987.43 |
| Equity Value | -18,260.39 |
| Shares Outstanding | 192 |
| Equity Value Per Share | -95.11 |