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Discounted Cash Flow (DCF) Analysis Unlevered


Newfield Exploration Company

Newfield Exploration Company (NFX)

Energy

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,789.002,287.951,556.951,471.941,766.921,813.391,861.081,910.031,960.262,011.822,064.73
Revenue (%)
EBITDA 1,251.942,082.04-3,899.07-532.99941.94-262.40-269.30-276.38-283.65-291.11-298.77
EBITDA (%)
EBIT 322.021,178.98-4,816.12-1,104.99474.95-1,044.51-1,071.98-1,100.18-1,129.11-1,158.81-1,189.28
EBIT (%)
Depreciation 929.92903.05917.04572.00467.00782.11802.68823.79845.46867.70890.52
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash ---25.02-30.8331.6432.4733.3234.2035.10
Total Cash (%)
Account Receivables 474.08404.97262.03231.98292.07338.38347.28356.41365.78375.40385.28
Account Receivables (%)
Inventories 162.9832.9533.9416.0415.0253.1354.5355.9657.4458.9560.50
Inventories (%)
Accounts Payable 76.03229.0240.95229.0345.94127.12130.46133.89137.41141.03144.74
Accounts Payable (%)
Capital Expenditure -2,094.92-2,128.02-1,745.03-1,370.97-1,288.97-1,770.96-1,817.53-1,865.33-1,914.39-1,964.74-2,016.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.03
Diluted Shares Outstanding 200.00
Cost of Debt
Tax Rate -
After-tax Cost of Debt -
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.70
Total Debt 2,434.00
Total Equity 3,406.00
Total Capital 5,840.00
Debt Weighting 41.68
Equity Weighting 58.32
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,789.002,287.951,556.951,471.941,766.921,813.391,861.081,910.031,960.262,011.822,064.73
EBITDA 1,251.942,082.04-3,899.07-532.99941.94-262.40-269.30-276.38-283.65-291.11-298.77
EBIT 322.021,178.98-4,816.12-1,104.99474.95-1,044.51-1,071.98-1,100.18-1,129.11-1,158.81-1,189.28
Tax Rate -----------
EBIAT -----------
Depreciation 929.92903.05917.04572.00467.00782.11802.68823.79845.46867.70890.52
Accounts Receivable -69.12142.9330.06-60.09-46.31-8.90-9.13-9.37-9.62-9.87
Inventories -130.03-1.0017.901.03-38.11-1.40-1.43-1.47-1.51-1.55
Accounts Payable -152.99-188.08188.09-183.0981.183.343.433.523.613.71
Capital Expenditure -33.11-382.99-374.06-82.00481.9946.5847.8049.0650.3551.67
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 2,434.00
Equity Value -
Shares Outstanding 200.00
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
- (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell