Discounted Cash Flow (DCF) Analysis Unlevered

Sunoco LP (SUN)

$42.8215

+0.31 (+0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 231.28 | 42.8215 | 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 11,72316,99416,59610,71017,59620,739.0724,443.5628,809.7633,955.8840,021.21
Revenue (%)
EBITDA 207150647595809692.69816.42962.251,134.141,336.72
EBITDA (%)
EBIT 38-32464406632427.82504.24594.30700.46825.58
EBIT (%)
Depreciation 169182183189177264.87312.19367.95433.68511.14
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 285621972572.2885.19100.41118.35139.49
Total Cash (%)
Account Receivables 696411411306538694.62818.70964.941,137.301,340.45
Account Receivables (%)
Inventories 426374419382534620.55731.40862.041,016.021,197.51
Inventories (%)
Accounts Payable 559412445267515634.36747.68881.231,038.641,224.17
Accounts Payable (%)
Capital Expenditure -142-105-148-124-174-201.90-237.96-280.47-330.57-389.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.8,215
Beta 1.408
Diluted Shares Outstanding 84.44
Cost of Debt
Tax Rate 19.49
After-tax Cost of Debt 3.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.176
Total Debt 3,795
Total Equity 3,615.77
Total Capital 7,410.77
Debt Weighting 51.21
Equity Weighting 48.79
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 11,72316,99416,59610,71017,59620,739.0724,443.5628,809.7633,955.8840,021.21
EBITDA 207150647595809692.69816.42962.251,134.141,336.72
EBIT 38-32464406632427.82504.24594.30700.46825.58
Tax Rate -645.00%325.00%-5.74%10.17%19.49%-59.22%-59.22%-59.22%-59.22%-59.22%
EBIAT 283.1072490.65364.71508.79681.15802.82946.231,115.241,314.45
Depreciation 169182183189177264.87312.19367.95433.68511.14
Accounts Receivable -2850105-232-156.62-124.08-146.24-172.36-203.15
Inventories -52-4537-152-86.55-110.85-130.64-153.98-181.49
Accounts Payable --14733-178248119.36113.31133.55157.41185.53
Capital Expenditure -142-105-148-124-174-201.90-237.96-280.47-330.57-389.61
UFCF 310.10339513.65393.71375.79620.32755.44890.381,049.421,236.87
WACC
PV UFCF 581.59664.04733.79810.85896.02
SUM PV UFCF 3,686.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.66
Free cash flow (t + 1) 1,261.61
Terminal Value 27,073.14
Present Value of Terminal Value 19,612.40

Intrinsic Value

Enterprise Value 23,298.68
Net Debt 3,770
Equity Value 19,528.68
Shares Outstanding 84.44
Equity Value Per Share 231.28