Discounted Cash Flow (DCF) Analysis Unlevered
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 | 13,120.00 | 12,436.00 | 11,683.00 | 11,737.00 | 12,586.00 | 13,366.00 | 16,572.00 | 17,306.99 | 18,074.59 | 18,876.22 | 19,713.41 | 20,587.73 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||||
| EBITDA | 4,856.00 | 4,515.00 | 5,377.00 | 5,637.00 | 6,376.00 | 5,376.00 | 4,755.00 | 7,094.48 | 7,409.13 | 7,737.73 | 8,080.91 | 8,439.31 |
| EBITDA (%) | ||||||||||||
| EBIT | 3,466.00 | 2,955.00 | 3,708.00 | 3,788.00 | 4,174.00 | 3,096.00 | 1,778.00 | 4,481.22 | 4,679.97 | 4,887.53 | 5,104.30 | 5,330.69 |
| EBIT (%) | ||||||||||||
| Depreciation | 1,390.00 | 1,560.00 | 1,669.00 | 1,849.00 | 2,202.00 | 2,280.00 | 2,977.00 | 2,613.26 | 2,729.16 | 2,850.20 | 2,976.61 | 3,108.63 |
| 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 | 316.00 | 318.00 | 607.00 | 261.00 | 120.00 | 268.00 | 166.00 | 404.12 | 422.05 | 440.76 | 460.31 | 480.73 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||||
| Account Receivables | 1,836.00 | 1,633.00 | 1,369.00 | 1,706.00 | 1,786.00 | 2,080.00 | 2,645.00 | 2,449.96 | 2,558.62 | 2,672.09 | 2,790.61 | 2,914.37 |
| Account Receivables (%) | ||||||||||||
| Inventories | 1,176.00 | 1,410.00 | 1,348.00 | 1,524.00 | 1,477.00 | 1,418.00 | 1,742.00 | 1,920.59 | 2,005.77 | 2,094.73 | 2,187.63 | 2,284.65 |
| Inventories (%) | ||||||||||||
| Accounts Payable | 1,168.00 | 952.00 | 726.00 | 1,000.00 | 875.00 | 914.00 | 1,115.00 | 1,280.98 | 1,337.79 | 1,397.12 | 1,459.09 | 1,523.80 |
| 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 | 13,120.00 | 12,436.00 | 11,683.00 | 11,737.00 | 12,586.00 | 13,366.00 | 16,572.00 | 17,306.99 | 18,074.59 | 18,876.22 | 19,713.41 | 20,587.73 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4,856.00 | 4,515.00 | 5,377.00 | 5,637.00 | 6,376.00 | 5,376.00 | 4,755.00 | 7,094.48 | 7,409.13 | 7,737.73 | 8,080.91 | 8,439.31 |
| EBIT | 3,466.00 | 2,955.00 | 3,708.00 | 3,788.00 | 4,174.00 | 3,096.00 | 1,778.00 | 4,481.22 | 4,679.97 | 4,887.53 | 5,104.30 | 5,330.69 |
| 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 | 2,175.22 | 2,177.19 | 2,489.92 | 2,805.00 | 4,051.08 | 2,421.19 | 1,398.10 | 3,402.71 | 3,553.63 | 3,711.24 | 3,875.84 | 4,047.74 |
| Depreciation | 1,390.00 | 1,560.00 | 1,669.00 | 1,849.00 | 2,202.00 | 2,280.00 | 2,977.00 | 2,613.26 | 2,729.16 | 2,850.20 | 2,976.61 | 3,108.63 |
| Accounts Receivable | - | 203.00 | 264.00 | -337.00 | -80.00 | -294.00 | -565.00 | 195.04 | -108.66 | -113.48 | -118.51 | -123.77 |
| Inventories | - | -234.00 | 62.00 | -176.00 | 47.00 | 59.00 | -324.00 | -178.59 | -85.18 | -88.96 | -92.90 | -97.02 |
| Accounts Payable | - | -216.00 | -226.00 | 274.00 | -125.00 | 39.00 | 201.00 | 165.98 | 56.81 | 59.33 | 61.96 | 64.71 |
| 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 | -1,670.00 | 591.08 | 251.19 | -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 |