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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Dominion Energy Inc.

Dominion Energy Inc. (D)

$69.55
-1.51 (-2.12%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13,120.0012,436.4511,682.8011,736.5412,585.0913,365.3716,571.7217,307.5018,075.9618,878.5319,716.74
Revenue (%)
EBITDA 4,706.145,572.775,421.995,680.496,331.565,880.765,935.997,556.467,891.968,242.378,608.33
EBITDA (%)
EBIT 3,316.742,721.093,536.383,627.764,129.173,600.632,513.934,531.104,732.294,942.405,161.84
EBIT (%)
Depreciation 1,389.412,851.681,885.602,052.722,202.392,280.133,422.063,025.353,159.683,299.973,446.49
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,002.37854.38862.19401.391,685.141,872.49167.371,327.491,386.431,447.981,512.27
Total Cash (%)
Account Receivables 1,695.101,513.521,199.821,523.401,659.971,749.532,278.612,184.212,281.192,382.472,488.25
Account Receivables (%)
Inventories 688.80922.78901.911,086.801,049.601,038.491,193.161,310.181,368.351,429.101,492.56
Inventories (%)
Accounts Payable 1,167.68951.39725.50999.95874.66914.191,115.281,280.761,337.621,397.011,459.04
Accounts Payable (%)
Capital Expenditure 4,103.945,345.195,575.036,085.405,503.464,254.204,979.806,909.167,215.927,536.317,870.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 69.55
Diluted Shares Outstanding 808.90
Cost of Debt
Tax Rate 21.37
After-tax Cost of Debt -1.02
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.22
Total Debt 4,821.00
Total Equity 56,259.00
Total Capital 61,080.00
Debt Weighting 7.89
Equity Weighting 92.11
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13,120.0012,436.4511,682.8011,736.5412,585.0913,365.3716,571.7217,307.5018,075.9618,878.5319,716.74
EBITDA 4,706.145,572.775,421.995,680.496,331.565,880.765,935.997,556.467,891.968,242.378,608.33
EBIT 3,316.742,721.093,536.383,627.764,129.173,600.632,513.934,531.104,732.294,942.405,161.84
Tax Rate 6.35%26.32%32.85%25.95%8.03%3.36%21.37%17.75%17.75%17.75%17.75%
EBIAT 3,106.242,004.862,374.682,686.343,797.423,479.761,976.793,726.983,892.464,065.294,245.79
Depreciation 1,389.412,851.681,885.602,052.722,202.392,280.133,422.063,025.353,159.683,299.973,446.49
Accounts Receivable -181.59313.69-323.58-136.57-89.55-529.0894.40-96.98-101.28-105.78
Inventories --233.9820.87-184.8937.2111.11-154.67-117.01-58.17-60.75-63.45
Accounts Payable --216.29-225.89274.45-125.2939.53201.09165.4856.8759.3962.03
Capital Expenditure --1,241.25-229.85-510.36581.941,249.26-725.61-1,929.35-306.77-320.39-334.61
UFCF 4,495.643,346.604,139.113,994.686,357.096,970.234,190.574,965.856,647.096,942.227,250.45
WACC
PV UFCF 4,765.696,122.046,136.146,150.27
SUM PV UFCF 45,581.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.20
Free cash flow (t + 1) 7,540.47
Terminal Value 3,770,235.51
Present Value of Terminal Value 3,069,233.18

Intrinsic Value

Enterprise Value 3,114,814.70
Net Debt 4,653.63
Equity Value 3,110,161.07
Shares Outstanding 808.90
Equity Value Per Share 3,844.93