Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Dominion Energy Inc.

Dominion Energy Inc. (D)

Utilities

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13,120.0012,436.4511,682.8011,736.5412,585.0913,365.3713,434.8713,504.7313,574.9513,645.5413,716.50
Revenue (%)
EBITDA 4,706.145,572.775,421.995,680.496,331.565,880.766,041.666,073.086,104.666,136.406,168.31
EBITDA (%)
EBIT 3,316.742,721.093,536.383,627.764,129.173,600.633,764.453,784.033,803.703,823.483,843.36
EBIT (%)
Depreciation 1,389.412,851.681,885.602,052.722,202.392,280.132,277.212,289.052,300.952,312.922,324.95
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,002.37854.38862.19401.39119.56268.64632.78636.07639.38642.71646.05
Total Cash (%)
Account Receivables 1,695.101,513.521,199.821,523.401,659.971,749.531,671.301,679.991,688.721,697.511,706.33
Account Receivables (%)
Inventories 688.80922.78901.911,086.801,049.601,038.491,025.081,030.411,035.771,041.151,046.57
Inventories (%)
Accounts Payable 1,167.68951.39725.50999.95874.66914.191,008.961,014.211,019.481,024.781,030.11
Accounts Payable (%)
Capital Expenditure 4,103.945,345.195,575.036,085.405,503.464,254.205,583.535,612.575,641.755,671.095,700.58
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 84.52
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 19.16
After-tax Cost of Debt -0.91
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.22
Total Debt 6,707.00
Total Equity -
Total Capital 6,707.00
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 13,120.0012,436.4511,682.8011,736.5412,585.0913,365.3713,434.8713,504.7313,574.9513,645.5413,716.50
EBITDA 4,706.145,572.775,421.995,680.496,331.565,880.766,041.666,073.086,104.666,136.406,168.31
EBIT 3,316.742,721.093,536.383,627.764,129.173,600.633,764.453,784.033,803.703,823.483,843.36
Tax Rate 34.45%25.65%32.28%23.58%-1.01%19.16%22.35%22.35%22.35%22.35%22.35%
EBIAT 2,174.012,023.062,395.002,772.414,170.892,910.722,923.032,938.232,953.512,968.872,984.31
Depreciation 1,389.412,851.681,885.602,052.722,202.392,280.132,277.212,289.052,300.952,312.922,324.95
Accounts Receivable -181.59313.69-323.58-136.57-89.5578.23-8.69-8.74-8.78-8.83
Inventories --233.9820.87-184.8937.2111.1113.41-5.33-5.36-5.39-5.41
Accounts Payable --216.29-225.89274.45-125.2939.5394.775.255.275.305.33
Capital Expenditure --1,241.25-229.85-510.36581.941,249.26-1,329.33-29.03-29.19-29.34-29.49
UFCF 3,563.413,364.804,159.444,080.746,730.566,401.204,057.315,189.475,216.465,243.595,270.85
WACC
PV UFCF 4,057.314,987.964,819.204,656.154,498.62
SUM PV UFCF 41,724.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.04
Free cash flow (t + 1) 5,481.69
Terminal Value 13,704,216.43
Present Value of Terminal Value 11,242,230.65

Intrinsic Value

Enterprise Value 11,283,955.01
Net Debt 6,438.36
Equity Value 11,277,516.65
Shares Outstanding -
Equity Value Per Share Infinity