Discounted Cash Flow (DCF) Analysis Unlevered

Cimarex Energy Co. (XEC)

-90.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,171.45 | 0 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,257.351,918.252,339.022,362.971,558.591,720.231,898.622,095.522,312.832,552.68
Revenue (%)
EBITDA -130.301,179.901,660.35768.34-1,587.55181.62200.45221.24244.18269.51
EBITDA (%)
EBIT -596.24733.871,069.88-113.84-2,283.50-394.79-435.74-480.92-530.80-585.84
EBIT (%)
Depreciation 465.94446.03590.47882.17695.95576.41636.19702.16774.98855.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 652.88400.53800.6794.72273.15442.34488.21538.84594.72656.40
Total Cash (%)
Account Receivables 274.60460.17454.20448.58332.49363.19400.85442.42488.30538.94
Account Receivables (%)
Inventories 33.3449.7255.5547.8937.1541.3945.6850.4255.6461.41
Inventories (%)
Accounts Payable 74.4998.39106.8149.0244.2970.6577.9886.0794.99104.84
Accounts Payable (%)
Capital Expenditure -721.79-1,278.48-1,670.04-1,323.49-650.98-1,008.84-1,113.46-1,228.94-1,356.38-1,497.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ -
Beta 2.600
Diluted Shares Outstanding 99.95
Cost of Debt
Tax Rate 15.43
After-tax Cost of Debt 1.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.248
Total Debt 2,181.05
Total Equity -
Total Capital 2,181.05
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,257.351,918.252,339.022,362.971,558.591,720.231,898.622,095.522,312.832,552.68
EBITDA -130.301,179.901,660.35768.34-1,587.55181.62200.45221.24244.18269.51
EBIT -596.24733.871,069.88-113.84-2,283.50-394.79-435.74-480.92-530.80-585.84
Tax Rate 34.52%27.52%22.56%17.46%15.43%23.50%23.50%23.50%23.50%23.50%
EBIAT -390.43531.93828.53-93.95-1,931.19-302.03-333.35-367.92-406.08-448.19
Depreciation 465.94446.03590.47882.17695.95576.41636.19702.16774.98855.35
Accounts Receivable --185.585.975.62116.10-30.70-37.66-41.57-45.88-50.64
Inventories --16.38-5.837.6610.74-4.24-4.29-4.74-5.23-5.77
Accounts Payable -23.908.43-57.79-4.7326.367.338.098.939.85
Capital Expenditure -721.79-1,278.48-1,670.04-1,323.49-650.98-1,008.84-1,113.46-1,228.94-1,356.38-1,497.04
UFCF -646.28-478.58-242.46-579.79-1,764.10-743.03-845.26-932.91-1,029.66-1,136.44
WACC
PV UFCF -730.83-817.72-887.69-963.66-1,046.12
SUM PV UFCF -4,446.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.67
Free cash flow (t + 1) -1,159.17
Terminal Value 351,262.72
Present Value of Terminal Value 323,346.34

Intrinsic Value

Enterprise Value 318,900.32
Net Debt 1,907.91
Equity Value 316,992.41
Shares Outstanding 99.95
Equity Value Per Share 3,171.45