Discounted Cash Flow (DCF) Analysis Unlevered

NextEra Energy, Inc. (NEE)

$74.67

-0.93 (-1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.67 | 74.67 | 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 17,19516,72719,20417,99717,06917,096.5317,124.1017,151.7217,179.3817,207.09
Revenue (%)
EBITDA 8,91213,85910,9449,2289,40510,191.1110,207.5510,224.0110,240.5010,257.02
EBITDA (%)
EBIT 6,2839,7126,4664,9135,1916,359.316,369.566,379.846,390.136,400.43
EBIT (%)
Depreciation 2,6294,1474,4784,3154,2143,831.813,837.993,844.183,850.383,856.59
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 1,7146386001,105639916.04917.51918.99920.47921.96
Total Cash (%)
Account Receivables 2,7372,9692,8072,9744,1083,038.943,043.843,048.753,053.673,058.59
Account Receivables (%)
Inventories 1,2731,2231,3281,5521,5611,347.171,349.341,351.521,353.701,355.88
Inventories (%)
Accounts Payable 3,2352,3863,6314,6156,9354,043.604,050.124,056.654,063.194,069.75
Accounts Payable (%)
Capital Expenditure -5,445-6,010-11,077-7,759-7,830-7,326.28-7,338.09-7,349.93-7,361.78-7,373.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 74.67
Beta 0.488
Diluted Shares Outstanding 1,972.20
Cost of Debt
Tax Rate -12.54
After-tax Cost of Debt 2.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.837
Total Debt 54,827
Total Equity 147,264.17
Total Capital 202,091.17
Debt Weighting 27.13
Equity Weighting 72.87
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 17,19516,72719,20417,99717,06917,096.5317,124.1017,151.7217,179.3817,207.09
EBITDA 8,91213,85910,9449,2289,40510,191.1110,207.5510,224.0110,240.5010,257.02
EBIT 6,2839,7126,4664,9135,1916,359.316,369.566,379.846,390.136,400.43
Tax Rate -15.23%9.71%1.75%-20.97%-12.54%-7.46%-7.46%-7.46%-7.46%-7.46%
EBIAT 7,240.198,768.816,353.065,943.245,841.716,833.486,844.506,855.546,866.596,877.67
Depreciation 2,6294,1474,4784,3154,2143,831.813,837.993,844.183,850.383,856.59
Accounts Receivable --232162-167-1,1341,069.06-4.90-4.91-4.92-4.92
Inventories -50-105-224-9213.83-2.17-2.18-2.18-2.18
Accounts Payable --8491,2459842,320-2,891.406.526.536.546.55
Capital Expenditure -5,445-6,010-11,077-7,759-7,830-7,326.28-7,338.09-7,349.93-7,361.78-7,373.66
UFCF 4,424.195,874.811,056.063,092.243,402.711,730.493,343.843,349.233,354.633,360.04
WACC
PV UFCF 1,649.973,039.902,903.132,772.522,647.78
SUM PV UFCF 13,013.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.88
Free cash flow (t + 1) 3,427.24
Terminal Value 119,001.51
Present Value of Terminal Value 93,775.44

Intrinsic Value

Enterprise Value 106,788.74
Net Debt 54,188
Equity Value 52,600.74
Shares Outstanding 1,972.20
Equity Value Per Share 26.67