Discounted Cash Flow (DCF) Analysis Unlevered

Dominion Energy Inc

Dominion Energy Inc (D)

$77.05
0.74 (+0.97%)

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
2024
Projected
Revenue 13,120.0012,436.0011,683.0011,737.0012,586.0013,366.0016,572.0017,306.9918,074.5918,876.2219,713.4120,587.73
Revenue (%)
EBITDA 4,856.004,515.005,377.005,637.006,376.005,376.004,755.007,094.487,409.137,737.738,080.918,439.31
EBITDA (%)
EBIT 3,466.002,955.003,708.003,788.004,174.003,096.001,778.004,481.224,679.974,887.535,104.305,330.69
EBIT (%)
Depreciation 1,390.001,560.001,669.001,849.002,202.002,280.002,977.002,613.262,729.162,850.202,976.613,108.63
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
2024
Projected
Total Cash 316.00318.00607.00261.00120.00268.00166.00404.12422.05440.76460.31480.73
Total Cash (%)
Account Receivables 1,836.001,633.001,369.001,706.001,786.002,080.002,645.002,449.962,558.622,672.092,790.612,914.37
Account Receivables (%)
Inventories 1,176.001,410.001,348.001,524.001,477.001,418.001,742.001,920.592,005.772,094.732,187.632,284.65
Inventories (%)
Accounts Payable 1,168.00952.00726.001,000.00875.00914.001,115.001,280.981,337.791,397.121,459.091,523.80
Accounts Payable (%)
Capital Expenditure -4,104.00-5,345.00-5,575.00-6,085.00-5,504.00-4,254.00-4,980.00-6,908.78-7,215.19-7,535.20-7,869.39-8,218.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 77.05
Beta 0.379
Diluted Shares Outstanding 808.90
Cost of Debt
Tax Rate 21.37
After-tax Cost of Debt 3.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.475
Total Debt 37,897.00
Total Equity 62,325.75
Total Capital 100,222.74
Debt Weighting 37.81
Equity Weighting 62.19
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
2024
Projected
Revenue 13,120.0012,436.0011,683.0011,737.0012,586.0013,366.0016,572.0017,306.9918,074.5918,876.2219,713.4120,587.73
EBITDA 4,856.004,515.005,377.005,637.006,376.005,376.004,755.007,094.487,409.137,737.738,080.918,439.31
EBIT 3,466.002,955.003,708.003,788.004,174.003,096.001,778.004,481.224,679.974,887.535,104.305,330.69
Tax Rate 37.24%26.32%32.85%25.95%2.94%21.80%21.37%24.07%24.07%24.07%24.07%24.07%
EBIAT 2,175.222,177.192,489.922,805.004,051.082,421.191,398.103,402.713,553.633,711.243,875.844,047.74
Depreciation 1,390.001,560.001,669.001,849.002,202.002,280.002,977.002,613.262,729.162,850.202,976.613,108.63
Accounts Receivable -203.00264.00-337.00-80.00-294.00-565.00195.04-108.66-113.48-118.51-123.77
Inventories --234.0062.00-176.0047.0059.00-324.00-178.59-85.18-88.96-92.90-97.02
Accounts Payable --216.00-226.00274.00-125.0039.00201.00165.9856.8159.3361.9664.71
Capital Expenditure -4,104.00-5,345.00-5,575.00-6,085.00-5,504.00-4,254.00-4,980.00-6,908.78-7,215.19-7,535.20-7,869.39-8,218.41
UFCF -538.78-1,854.81-1,316.08-1,670.00591.08251.19-1,292.90-710.37-1,069.43-1,116.86-1,166.40-1,218.13
WACC
PV UFCF -677.26-972.04-967.83-963.63-959.45
SUM PV UFCF -4,540.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.89
Free cash flow (t + 1) -1,266.85
Terminal Value -142,343.26
Present Value of Terminal Value -112,115.71

Intrinsic Value

Enterprise Value -116,655.92
Net Debt 37,731.00
Equity Value -154,386.92
Shares Outstanding 808.90
Equity Value Per Share -190.86