Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Energy Transfer Partners L.P. representing limited partner interests

Energy Transfer Partners L.P. representing limited partner interests (ETP)

Energy

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 51,158.0034,291.2121,826.3529,053.0654,085.1760,840.4168,439.3876,987.4686,603.1997,419.93
Revenue (%)
EBITDA 3,831.734,619.033,741.044,700.788,594.138,541.999,608.8910,809.0412,159.0913,677.76
EBITDA (%)
EBIT 2,701.142,688.431,754.842,367.825,749.254,867.235,475.156,159.006,928.267,793.59
EBIT (%)
Depreciation 1,130.591,930.591,986.202,332.962,844.883,674.764,133.744,650.045,230.835,884.16
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash ----------
Total Cash (%)
Account Receivables 3,130.872,705.583,339.434,398.634,256.506,369.997,165.608,060.599,067.3510,199.87
Account Receivables (%)
Inventories 1,391.501,213.911,711.191,589.201,676.642,756.073,100.303,487.533,923.124,413.12
Inventories (%)
Accounts Payable 3,054.131,882.592,942.194,334.723,607.485,664.246,371.717,167.538,062.769,069.80
Accounts Payable (%)
Capital Expenditure -4,159.15-9,097.46-7,549.74-8,335.32-7,409.67-13,585.66-15,282.51-17,191.30-19,338.49-21,753.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.49
Diluted Shares Outstanding 1,167.00
Cost of Debt
Tax Rate -
After-tax Cost of Debt -
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.29
Total Debt 37,853.00
Total Equity 25,078.83
Total Capital 62,931.83
Debt Weighting 60.15
Equity Weighting 39.85
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 51,158.0034,291.2121,826.3529,053.0654,085.1760,840.4168,439.3876,987.4686,603.1997,419.93
EBITDA 3,831.734,619.033,741.044,700.788,594.138,541.999,608.8910,809.0412,159.0913,677.76
EBIT 2,701.142,688.431,754.842,367.825,749.254,867.235,475.156,159.006,928.267,793.59
Tax Rate ----------
EBIAT ----------
Depreciation 1,130.591,930.591,986.202,332.962,844.883,674.764,133.744,650.045,230.835,884.16
Accounts Receivable -425.29-633.86-1,059.20142.13-2,113.49-795.61-894.98-1,006.77-1,132.51
Inventories -177.59-497.28121.98-87.44-1,079.43-344.23-387.23-435.59-490.00
Accounts Payable --1,171.551,059.611,392.52-727.242,056.76707.46795.83895.221,007.04
Capital Expenditure -4,938.31-1,547.72785.59-925.656,176.001,696.851,908.792,147.192,415.38
UFCF ----------
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 37,853.00
Equity Value -
Shares Outstanding 1,167.00
Equity Value Per Share -