Discounted Cash Flow (DCF) Analysis Levered

Oasis Petroleum Inc (OAS)

$ 79.68
2.99 (+3.90%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,1421,390.23789.74704.671,248.422,321.952,071.74119.92124.36128.97133.75138.70143.84
Revenue (%)
Operating Cash Flow 697.86872.52359.82228.02507.88996.42892.8595.2563.4165.7668.2070.7273.34
Operating Cash Flow (%)
Capital Expenditure -2,453.60-1,402.86-848.66-1,208.09-647.71-1,151.81-869.22-126.44-131.13-135.99-141.03-146.25-151.67
Capital Expenditure (%)
Free Cash Flow -1,755.74-530.35-488.85-980.07-139.84-155.3923.63-31.19-67.72-70.23-72.83-75.53-78.33

Weighted Average Cost Of Capital

Share price $ 79.68
Beta 3.536
Diluted Shares Outstanding 233.07
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 30.608
Total Debt 733.60
Total Equity 18,570.86
Total Capital 19,304.46
Debt Weighting 3.80
Equity Weighting 96.20
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,1421,390.23789.74704.671,248.422,321.952,071.74119.92124.36128.97133.75138.70143.84
Operating Cash Flow 697.86872.52359.82228.02507.88996.42892.8595.2563.4165.7668.2070.7273.34
Capital Expenditure -2,453.60-1,402.86-848.66-1,208.09-647.71-1,151.81-869.22-126.44-131.13-135.99-141.03-146.25-151.67
Free Cash Flow -1,755.74-530.35-488.85-980.07-139.84-155.3923.63-31.19-67.72-70.23-72.83-75.53-78.33
WACC
PV LFCF -52.24-41.79-33.43-26.75-21.40
SUM PV LFCF -175.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 29.63
Free cash flow (t + 1) -81.46
Terminal Value -317.84
Present Value of Terminal Value -86.83

Intrinsic Value

Enterprise Value -262.45
Net Debt 717.75
Equity Value -980.19
Shares Outstanding 233.07
Equity Value Per Share -4.21