Discounted Cash Flow (DCF) Analysis Unlevered
PPL Corporation (PPL)
$26.6
-0.67 (-2.46%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 7,785 | 7,769 | 7,607 | 5,783 | 7,902 | 8,106.92 | 8,317.16 | 8,532.85 | 8,754.13 | 8,981.16 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 4,420 | 4,429 | 4,331 | 1,062 | 2,703 | 3,620.38 | 3,714.27 | 3,810.59 | 3,909.41 | 4,010.80 |
EBITDA (%) | ||||||||||
EBIT | 3,248 | 3,149 | 2,972 | -59 | 1,470 | 2,252.20 | 2,310.61 | 2,370.53 | 2,432 | 2,495.07 |
EBIT (%) | ||||||||||
Depreciation | 1,172 | 1,280 | 1,359 | 1,121 | 1,233 | 1,368.18 | 1,403.66 | 1,440.06 | 1,477.41 | 1,515.72 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 621 | 815 | 708 | 3,571 | 356 | 1,524.58 | 1,564.12 | 1,604.68 | 1,646.30 | 1,688.99 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,266 | 1,296 | 1,379 | 948 | 1,598 | 1,421.75 | 1,458.62 | 1,496.45 | 1,535.25 | 1,575.07 |
Account Receivables (%) | ||||||||||
Inventories | 303 | 332 | 361 | 322 | 443 | 390.52 | 400.64 | 411.03 | 421.69 | 432.63 |
Inventories (%) | ||||||||||
Accounts Payable | 989 | 956 | 965 | 679 | 1,201 | 1,047.98 | 1,075.16 | 1,103.04 | 1,131.65 | 1,160.99 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -3,238 | -3,083 | -3,249 | -1,973 | -2,155 | -3,005.65 | -3,083.60 | -3,163.57 | -3,245.61 | -3,329.77 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 26.6 |
---|---|
Beta | 0.790 |
Diluted Shares Outstanding | 736.90 |
Cost of Debt | |
Tax Rate | 17.38 |
After-tax Cost of Debt | 2.98% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.315 |
Total Debt | 14,228 |
Total Equity | 19,601.59 |
Total Capital | 33,829.59 |
Debt Weighting | 42.06 |
Equity Weighting | 57.94 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 7,785 | 7,769 | 7,607 | 5,783 | 7,902 | 8,106.92 | 8,317.16 | 8,532.85 | 8,754.13 | 8,981.16 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 4,420 | 4,429 | 4,331 | 1,062 | 2,703 | 3,620.38 | 3,714.27 | 3,810.59 | 3,909.41 | 4,010.80 |
EBIT | 3,248 | 3,149 | 2,972 | -59 | 1,470 | 2,252.20 | 2,310.61 | 2,370.53 | 2,432 | 2,495.07 |
Tax Rate | 20.04% | 18.98% | 25.47% | 384.07% | 17.38% | 93.19% | 93.19% | 93.19% | 93.19% | 93.19% |
EBIAT | 2,596.98 | 2,551.35 | 2,215.05 | 167.60 | 1,214.56 | 153.43 | 157.41 | 161.49 | 165.68 | 169.97 |
Depreciation | 1,172 | 1,280 | 1,359 | 1,121 | 1,233 | 1,368.18 | 1,403.66 | 1,440.06 | 1,477.41 | 1,515.72 |
Accounts Receivable | - | -30 | -83 | 431 | -650 | 176.25 | -36.87 | -37.83 | -38.81 | -39.81 |
Inventories | - | -29 | -29 | 39 | -121 | 52.48 | -10.13 | -10.39 | -10.66 | -10.94 |
Accounts Payable | - | -33 | 9 | -286 | 522 | -153.02 | 27.18 | 27.88 | 28.61 | 29.35 |
Capital Expenditure | -3,238 | -3,083 | -3,249 | -1,973 | -2,155 | -3,005.65 | -3,083.60 | -3,163.57 | -3,245.61 | -3,329.77 |
UFCF | 530.98 | 656.35 | 222.05 | -500.40 | 43.56 | -1,408.33 | -1,542.35 | -1,582.35 | -1,623.38 | -1,665.48 |
WACC | ||||||||||
PV UFCF | -1,335.04 | -1,385.99 | -1,347.93 | -1,310.92 | -1,274.92 | |||||
SUM PV UFCF | -6,654.80 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.49 |
Free cash flow (t + 1) | -1,698.79 |
Terminal Value | -48,675.98 |
Present Value of Terminal Value | -37,261.32 |
Intrinsic Value
Enterprise Value | -43,916.12 |
---|---|
Net Debt | 13,872 |
Equity Value | -57,788.12 |
Shares Outstanding | 736.90 |
Equity Value Per Share | -78.42 |