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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 4,855.714,514.435,376.425,637.066,375.616,800.306,021.516,052.826,084.296,115.936,147.74
EBITDA (%)
EBIT 3,466.302,954.903,706.953,788.564,173.224,520.174,057.334,078.434,099.644,120.954,142.38
EBIT (%)
Depreciation 1,389.411,559.531,669.471,848.512,202.392,280.131,964.181,974.391,984.661,994.982,005.35
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 1,002.37854.38862.19260.55119.56490.51643.53646.88650.24653.62657.02
Total Cash (%)
Account Receivables 1,835.491,632.911,369.221,706.491,785.822,079.651,862.071,871.761,881.491,891.271,901.11
Account Receivables (%)
Inventories 1,175.551,410.291,348.201,524.581,477.491,418.071,504.711,512.531,520.391,528.301,536.25
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 -4,103.94-5,550.39-5,993.28-6,125.30-5,908.70-4,405.23-5,806.55-5,836.74-5,867.09-5,897.60-5,928.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 81.92
Diluted Shares Outstanding 655.08
Cost of Debt
Tax Rate 19.16
After-tax Cost of Debt -0.91
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.25
Total Debt 31,144.00
Total Equity 53,664.43
Total Capital 84,808.43
Debt Weighting 36.72
Equity Weighting 63.28
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 4,855.714,514.435,376.425,637.066,375.616,800.306,021.516,052.826,084.296,115.936,147.74
EBIT 3,466.302,954.903,706.953,788.564,173.224,520.174,057.334,078.434,099.644,120.954,142.38
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 2,272.042,196.892,510.522,895.294,215.383,654.063,150.453,166.833,183.303,199.853,216.49
Depreciation 1,389.411,559.531,669.471,848.512,202.392,280.131,964.181,974.391,984.661,994.982,005.35
Accounts Receivable -202.58263.68-337.27-79.33-293.83217.58-9.68-9.73-9.78-9.83
Inventories --234.7462.10-176.3847.0959.42-86.64-7.82-7.87-7.91-7.95
Accounts Payable --216.29-225.89274.45-125.2939.5394.775.255.275.305.33
Capital Expenditure -1,446.45442.89132.02-216.60-1,503.481,401.3230.1930.3530.5130.67
UFCF 3,661.454,954.424,722.784,636.626,043.644,235.846,741.665,159.165,185.985,212.955,240.06
WACC
PV UFCF 6,471.784,754.374,587.794,427.044,271.92
SUM PV UFCF 43,622.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.17
Free cash flow (t + 1) 5,449.66
Terminal Value 3,205,682.72
Present Value of Terminal Value 2,613,407.99

Intrinsic Value

Enterprise Value 2,657,030.18
Net Debt 30,653.49
Equity Value 2,626,376.69
Shares Outstanding 655.08
Equity Value Per Share 4,009.23