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Discounted Cash Flow (DCF) Analysis Unlevered


Centennial Resource Development Inc.

Centennial Resource Development Inc. (CDEV)

Energy

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 131.8290.4662.0742.5929.2320.0613.769.446.484.45
Revenue (%)
EBITDA 90.7457.3141.0328.1519.3213.269.106.244.282.94
EBITDA (%)
EBIT 21.78-32.63-6.06-4.16-2.86-1.96-1.34-0.92-0.63-0.43
EBIT (%)
Depreciation 68.9689.9447.0932.3222.1815.2210.447.174.923.37
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1.77134.09-117.7519.7924.7616.9911.668.005.49
Total Cash (%)
Account Receivables 13.0114.7414.7478.79100.6223.2315.9410.947.515.15
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 19.9811.2111.21199.53240.5753.6436.8125.2617.3311.89
Accounts Payable (%)
Capital Expenditure -198.63-975.98-381.63-261.87-179.70-123.31-84.61-58.06-39.84-27.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.34
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 22.92
After-tax Cost of Debt -1.10
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.32
Total Debt 691.63
Total Equity -
Total Capital 691.63
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 131.8290.4662.0742.5929.2320.0613.769.446.484.45
EBITDA 90.7457.3141.0328.1519.3213.269.106.244.282.94
EBIT 21.78-32.63-6.06-4.16-2.86-1.96-1.34-0.92-0.63-0.43
Tax Rate 7.89%1.47%15.16%28.37%22.92%15.16%15.16%15.16%15.16%15.16%
EBIAT 20.06-32.15-5.14-2.98-2.20-1.66-1.14-0.78-0.54-0.37
Depreciation 68.9689.9447.0932.3222.1815.2210.447.174.923.37
Accounts Receivable --1.72-0.00-64.05-21.8477.397.295.003.432.36
Inventories ----------
Accounts Payable --8.780.00188.3241.04-186.94-16.83-11.55-7.93-5.44
Capital Expenditure -777.35-594.35-119.75-82.18-56.39-38.69-26.55-18.22-12.50
UFCF 89.02824.64-552.4033.85-43.00-152.38-38.93-26.72-18.33-12.58
WACC
PV UFCF -618.6936.51-44.65-152.38-37.49-24.77-16.37-10.82
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.85
Free cash flow (t + 1) -13.08
Terminal Value 8,717.48
Present Value of Terminal Value 7,217.03

Intrinsic Value

Enterprise Value -
Net Debt 671.84
Equity Value -
Shares Outstanding -
Equity Value Per Share -