Discounted Cash Flow (DCF) Analysis Unlevered

Alliant Energy Corporation (LNT)

$59.52

-0.49 (-0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 162.62 | 59.52 | 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 3,382.203,534.503,647.703,4163,6693,749.353,831.463,915.374,001.124,088.75
Revenue (%)
EBITDA 1,233.301,334.501,476.201,4571,5341,493.381,526.091,559.511,593.661,628.57
EBITDA (%)
EBIT 749.80817909842877890.51910.01929.94950.31971.12
EBIT (%)
Depreciation 483.50517.50567.20615657602.87616.07629.57643.35657.44
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 27.9020.9016.3054.48556139.57142.62145.75148.94152.20
Total Cash (%)
Account Receivables 482.80350.40402.10224226359.40367.28375.32383.54391.94
Account Receivables (%)
Inventories 222.40211.80227.30217246238.88244.11249.46254.92260.51
Inventories (%)
Accounts Payable 477.30543.30422.30377436479.77490.28501.01511.99523.20
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 59.52
Beta 0.460
Diluted Shares Outstanding 250.70
Cost of Debt
Tax Rate -12.33
After-tax Cost of Debt 3.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.867
Total Debt 7,883
Total Equity 14,921.66
Total Capital 22,804.66
Debt Weighting 34.57
Equity Weighting 65.43
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 3,382.203,534.503,647.703,4163,6693,749.353,831.463,915.374,001.124,088.75
EBITDA 1,233.301,334.501,476.201,4571,5341,493.381,526.091,559.511,593.661,628.57
EBIT 749.80817909842877890.51910.01929.94950.31971.12
Tax Rate 12.26%8.37%10.80%-10.05%-12.33%1.81%1.81%1.81%1.81%1.81%
EBIAT 657.90748.63810.83926.65985.16874.41893.56913.13933.13953.57
Depreciation 483.50517.50567.20615657602.87616.07629.57643.35657.44
Accounts Receivable -132.40-51.70178.10-2-133.40-7.87-8.04-8.22-8.40
Inventories -10.60-15.5010.30-297.12-5.23-5.35-5.46-5.58
Accounts Payable -66-121-45.305943.7710.5110.7410.9711.21
Capital Expenditure ----------
UFCF -----1,394.771,507.041,540.051,573.771,608.24
WACC
PV UFCF 1,327.721,365.631,328.451,292.281,257.10
SUM PV UFCF 6,571.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.05
Free cash flow (t + 1) 1,640.41
Terminal Value 53,783.78
Present Value of Terminal Value 42,040.80

Intrinsic Value

Enterprise Value 48,611.99
Net Debt 7,844
Equity Value 40,767.99
Shares Outstanding 250.70
Equity Value Per Share 162.62