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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 4,855.714,514.435,376.425,637.066,375.616,800.306,231.096,263.496,296.066,328.806,361.71
EBITDA (%)
EBIT 3,466.302,954.903,706.953,788.564,173.224,520.174,158.094,179.714,201.454,223.304,245.26
EBIT (%)
Depreciation 1,389.411,559.531,669.471,848.512,202.392,280.132,073.002,083.782,094.622,105.512,116.46
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 1,002.37854.38862.19260.55119.56268.64522.62525.33528.07530.81533.57
Total Cash (%)
Account Receivables 1,835.491,632.911,369.221,706.491,785.822,079.651,858.041,867.701,877.421,887.181,896.99
Account Receivables (%)
Inventories 1,175.551,410.291,348.201,524.581,477.491,418.071,563.821,571.951,580.121,588.341,596.60
Inventories (%)
Accounts Payable 1,167.68951.39725.50999.95874.66914.19972.68977.74982.83987.94993.07
Accounts Payable (%)
Capital Expenditure -4,103.94-5,550.39-5,993.28-6,125.30-5,908.70-4,405.23-6,127.64-6,159.51-6,191.54-6,223.73-6,256.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 76.91
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 4.25
Total Debt 31,144.00
Total Equity -
Total Capital 31,144.00
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 4,855.714,514.435,376.425,637.066,375.616,800.306,231.096,263.496,296.066,328.806,361.71
EBIT 3,466.302,954.903,706.953,788.564,173.224,520.174,158.094,179.714,201.454,223.304,245.26
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 2,272.042,196.892,510.522,895.294,215.383,654.063,228.693,245.483,262.353,279.323,296.37
Depreciation 1,389.411,559.531,669.471,848.512,202.392,280.132,073.002,083.782,094.622,105.512,116.46
Accounts Receivable -202.58263.68-337.27-79.33-293.83221.61-9.66-9.71-9.76-9.81
Inventories --234.7462.10-176.3847.0959.42-145.75-8.13-8.17-8.22-8.26
Accounts Payable --216.29-225.89274.45-125.2939.5358.495.065.085.115.14
Capital Expenditure -1,446.45442.89132.02-216.60-1,503.481,722.4231.8632.0332.2032.36
UFCF 3,661.454,954.424,722.784,636.626,043.644,235.847,158.465,348.395,376.205,404.155,432.26
WACC
PV UFCF 6,880.484,941.084,773.914,612.394,456.34
SUM PV UFCF 44,781.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.04
Free cash flow (t + 1) 5,649.55
Terminal Value 14,123,863.13
Present Value of Terminal Value 11,586,487.10

Intrinsic Value

Enterprise Value 11,631,268.37
Net Debt 30,875.36
Equity Value 11,600,393.01
Shares Outstanding -
Equity Value Per Share Infinity

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
6.04 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell -Infinity Sell
5.54 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell -Infinity Sell
5.04 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
4.54 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
4.04 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.54 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.04 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
2.54 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
2.04 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy