Discounted Cash Flow (DCF) Analysis Unlevered

Goodrich Petroleum Corporation (GDP)

$23.02

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,065.92 | 23.02 | undervalue

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 27.2746.1588118.3593.83134.57193276.81397.01569.40
Revenue (%)
EBITDA 378.860.7513.6476.2610.70398.96572.20820.661,177.011,688.11
EBITDA (%)
EBIT 378.860.7513.6424.29-37.09335.13480.66689.37988.721,418.05
EBIT (%)
Depreciation ---51.9747.8063.8291.54131.29188.29270.06
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 36.8525.994.071.451.3653.4976.72110.03157.82226.34
Total Cash (%)
Account Receivables 5.146.3315.2112.4811.1019.4427.8839.9857.3482.24
Account Receivables (%)
Inventories 4.122.520.600.230.135.818.3411.9617.1524.60
Inventories (%)
Accounts Payable 14.3914.7825.3025.9426.6044.0963.2490.70130.09186.58
Accounts Payable (%)
Capital Expenditure -7.02-28.76-105.09-99.30-58.26-95.14-136.45-195.70-280.68-402.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 23.02
Beta 1.624
Diluted Shares Outstanding 12.23
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 6.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.156
Total Debt 112.09
Total Equity 281.60
Total Capital 393.70
Debt Weighting 28.47
Equity Weighting 71.53
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 27.2746.1588118.3593.83134.57193276.81397.01569.40
EBITDA 378.860.7513.6476.2610.70398.96572.20820.661,177.011,688.11
EBIT 378.860.7513.6424.29-37.09335.13480.66689.37988.721,418.05
Tax Rate 0.00%10.90%-3.37%0.00%0.00%1.51%1.51%1.51%1.51%1.51%
EBIAT 378.860.6714.1024.29-37.09330.09473.42678.99973.831,396.69
Depreciation ---51.9747.8063.8291.54131.29188.29270.06
Accounts Receivable --1.19-8.882.731.38-8.34-8.44-12.10-17.36-24.90
Inventories -1.601.920.360.10-5.68-2.52-3.62-5.19-7.45
Accounts Payable -0.3910.510.650.6617.4919.1527.4639.3956.49
Capital Expenditure -7.02-28.76-105.09-99.30-58.26-95.14-136.45-195.70-280.68-402.56
UFCF 371.84-27.29-87.43-19.30-45.42302.24436.69626.31898.271,288.33
WACC
PV UFCF 275.34362.41473.52618.69808.37
SUM PV UFCF 2,538.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.77
Free cash flow (t + 1) 1,314.10
Terminal Value 16,912.47
Present Value of Terminal Value 10,611.79

Intrinsic Value

Enterprise Value 13,150.13
Net Debt 110.73
Equity Value 13,039.39
Shares Outstanding 12.23
Equity Value Per Share 1,065.92