Discounted Cash Flow (DCF) Analysis Unlevered

Sempra (SRE)

$161.0059

+0.51 (+0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 331.15 | 161.0059 | 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 11,20711,68710,82911,37012,85713,339.6413,840.4014,359.9614,899.0215,458.31
Revenue (%)
EBITDA 3,6823,6205,1596,9294,4705,527.355,734.855,950.136,173.496,405.24
EBITDA (%)
EBIT 2,1922,0713,5905,2632,6153,656.643,793.903,936.324,084.094,237.40
EBIT (%)
Depreciation 1,4901,5491,5691,6661,8551,870.721,940.942,013.802,089.402,167.83
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 28819010813,4005593,398.803,526.393,658.773,796.113,938.62
Total Cash (%)
Account Receivables 1,7311,9571,8602,1142,5712,346.622,434.712,526.112,620.932,719.32
Account Receivables (%)
Inventories 307296277308389361.89375.48389.57404.20419.37
Inventories (%)
Accounts Payable 1,3501,3241,2341,3591,8491,630.211,691.411,754.901,820.781,889.13
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 11,20711,68710,82911,37012,85713,339.6413,840.4014,359.9614,899.0215,458.31
EBITDA 3,6823,6205,1596,9294,4705,527.355,734.855,950.136,173.496,405.24
EBIT 2,1922,0713,5905,2632,6153,656.643,793.903,936.324,084.094,237.40
Tax Rate 83.79%-0.38%-26.76%-164.14%-501.83%-121.86%-121.86%-121.86%-121.86%-121.86%
EBIAT 355.422,078.924,550.6513,901.5315,737.768,112.768,417.308,733.289,061.129,401.27
Depreciation 1,4901,5491,5691,6661,8551,870.721,940.942,013.802,089.402,167.83
Accounts Receivable --22697-254-457224.38-88.09-91.40-94.83-98.39
Inventories -1119-31-8127.11-13.59-14.10-14.62-15.17
Accounts Payable --26-90125490-218.7961.2063.4965.8868.35
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 -2,103.58-397.082,437.6510,731.5312,529.765,160.875,280.205,478.415,684.075,897.44
WACC
PV UFCF 4,857.744,678.154,568.684,461.774,357.36
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