Discounted Cash Flow (DCF) Analysis Unlevered
Sempra (SRE)
$161.0059
+0.51 (+0.32%)
All numbers are in Millions, Currency in USD
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 | 11,207 | 11,687 | 10,829 | 11,370 | 12,857 | 13,339.64 | 13,840.40 | 14,359.96 | 14,899.02 | 15,458.31 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 3,682 | 3,620 | 5,159 | 6,929 | 4,470 | 5,527.35 | 5,734.85 | 5,950.13 | 6,173.49 | 6,405.24 |
EBITDA (%) | ||||||||||
EBIT | 2,192 | 2,071 | 3,590 | 5,263 | 2,615 | 3,656.64 | 3,793.90 | 3,936.32 | 4,084.09 | 4,237.40 |
EBIT (%) | ||||||||||
Depreciation | 1,490 | 1,549 | 1,569 | 1,666 | 1,855 | 1,870.72 | 1,940.94 | 2,013.80 | 2,089.40 | 2,167.83 |
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 | 288 | 190 | 108 | 13,400 | 559 | 3,398.80 | 3,526.39 | 3,658.77 | 3,796.11 | 3,938.62 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,731 | 1,957 | 1,860 | 2,114 | 2,571 | 2,346.62 | 2,434.71 | 2,526.11 | 2,620.93 | 2,719.32 |
Account Receivables (%) | ||||||||||
Inventories | 307 | 296 | 277 | 308 | 389 | 361.89 | 375.48 | 389.57 | 404.20 | 419.37 |
Inventories (%) | ||||||||||
Accounts Payable | 1,350 | 1,324 | 1,234 | 1,359 | 1,849 | 1,630.21 | 1,691.41 | 1,754.90 | 1,820.78 | 1,889.13 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -3,949 | -3,784 | -3,708 | -4,676 | -5,015 | -4,855.31 | -5,037.57 | -5,226.68 | -5,422.88 | -5,626.45 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 161.0,059 |
---|---|
Beta | 0.712 |
Diluted Shares Outstanding | 313.04 |
Cost of Debt | |
Tax Rate | -501.83 |
After-tax Cost of Debt | 4.86% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.908 |
Total Debt | 24,645 |
Total Equity | 50,400.64 |
Total Capital | 75,045.64 |
Debt Weighting | 32.84 |
Equity Weighting | 67.16 |
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 | 11,207 | 11,687 | 10,829 | 11,370 | 12,857 | 13,339.64 | 13,840.40 | 14,359.96 | 14,899.02 | 15,458.31 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 3,682 | 3,620 | 5,159 | 6,929 | 4,470 | 5,527.35 | 5,734.85 | 5,950.13 | 6,173.49 | 6,405.24 |
EBIT | 2,192 | 2,071 | 3,590 | 5,263 | 2,615 | 3,656.64 | 3,793.90 | 3,936.32 | 4,084.09 | 4,237.40 |
Tax Rate | 83.79% | -0.38% | -26.76% | -164.14% | -501.83% | -121.86% | -121.86% | -121.86% | -121.86% | -121.86% |
EBIAT | 355.42 | 2,078.92 | 4,550.65 | 13,901.53 | 15,737.76 | 8,112.76 | 8,417.30 | 8,733.28 | 9,061.12 | 9,401.27 |
Depreciation | 1,490 | 1,549 | 1,569 | 1,666 | 1,855 | 1,870.72 | 1,940.94 | 2,013.80 | 2,089.40 | 2,167.83 |
Accounts Receivable | - | -226 | 97 | -254 | -457 | 224.38 | -88.09 | -91.40 | -94.83 | -98.39 |
Inventories | - | 11 | 19 | -31 | -81 | 27.11 | -13.59 | -14.10 | -14.62 | -15.17 |
Accounts Payable | - | -26 | -90 | 125 | 490 | -218.79 | 61.20 | 63.49 | 65.88 | 68.35 |
Capital Expenditure | -3,949 | -3,784 | -3,708 | -4,676 | -5,015 | -4,855.31 | -5,037.57 | -5,226.68 | -5,422.88 | -5,626.45 |
UFCF | -2,103.58 | -397.08 | 2,437.65 | 10,731.53 | 12,529.76 | 5,160.87 | 5,280.20 | 5,478.41 | 5,684.07 | 5,897.44 |
WACC | ||||||||||
PV UFCF | 4,857.74 | 4,678.15 | 4,568.68 | 4,461.77 | 4,357.36 | |||||
SUM PV UFCF | 22,923.69 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.24 |
Free cash flow (t + 1) | 6,015.39 |
Terminal Value | 141,872.38 |
Present Value of Terminal Value | 104,823.23 |
Intrinsic Value
Enterprise Value | 127,746.93 |
---|---|
Net Debt | 24,086 |
Equity Value | 103,660.93 |
Shares Outstanding | 313.04 |
Equity Value Per Share | 331.15 |