Discounted Cash Flow (DCF) Analysis Unlevered

Oasis Petroleum Inc (OAS)

$ 79.68
2.99 (+3.90%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,1421,390.23789.74704.671,248.422,321.952,071.74119.92124.36128.97133.75138.70143.84
Revenue (%)
EBITDA 813.84918.42418.23351.65678.551,103.48948.3254.8767.4069.9072.4975.1877.96
EBITDA (%)
EBIT 813.84918.42418.23351.65678.551,103.48948.3238.7850.7152.5954.5456.5658.66
EBIT (%)
Depreciation -------16.0916.6917.3117.9518.6219.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 91.9045.819.7311.2316.7222.1920.0215.864.764.945.125.315.51
Total Cash (%)
Account Receivables 315.11306.47197.41204.34363.58387.60371.18206.5452.7954.7556.7858.8861.06
Account Receivables (%)
Inventories 20.6521.3511.0710.6519.3733.1335.2633.936.106.326.566.807.05
Inventories (%)
Accounts Payable 155.66230.85142.34144.38227.37236.8696.903.2416.2516.8517.4818.1318.80
Accounts Payable (%)
Capital Expenditure -2,453.60-1,402.86-848.66-1,208.09-647.71-1,151.81-869.22-126.44-131.13-135.99-141.03-146.25-151.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 79.68
Beta 3.536
Diluted Shares Outstanding 233.07
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 30.608
Total Debt 733.60
Total Equity 18,570.86
Total Capital 19,304.46
Debt Weighting 3.80
Equity Weighting 96.20
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,1421,390.23789.74704.671,248.422,321.952,071.74119.92124.36128.97133.75138.70143.84
EBITDA 813.84918.42418.23351.65678.551,103.48948.3254.8767.4069.9072.4975.1877.96
EBIT 813.84918.42418.23351.65678.551,103.48948.3238.7850.7152.5954.5456.5658.66
Tax Rate 37.20%37.77%28.60%34.59%263.19%-39.27%-3.96%0.00%44.77%44.77%44.77%44.77%44.77%
EBIAT 511.05571.57298.61229.99-1,107.361,536.85985.8438.7828.0129.0530.1231.2432.40
Depreciation -------16.0916.6917.3117.9518.6219.31
Accounts Receivable -8.64109.06-6.93-159.24-24.0216.42164.64153.75-1.96-2.03-2.10-2.18
Inventories --0.7010.280.42-8.72-13.76-2.131.3327.83-0.23-0.23-0.24-0.25
Accounts Payable -75.19-88.512.0482.989.50-139.96-93.6613.010.600.620.650.67
Capital Expenditure -2,453.60-1,402.87-848.66-1,208.09-647.72-1,151.81-869.22-126.44-131.13-135.99-141.03-146.25-151.67
UFCF -1,942.54-748.17-519.22-982.55-1,840.05356.75-9.050.74108.16-91.21-94.59-98.10-101.73
WACC
PV UFCF 64.37-41.87-33.50-26.80-21.44
SUM PV UFCF -76.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 29.63
Free cash flow (t + 1) -105.80
Terminal Value -412.80
Present Value of Terminal Value -112.77

Intrinsic Value

Enterprise Value -189.57
Net Debt 717.75
Equity Value -907.32
Shares Outstanding 233.07
Equity Value Per Share -3.89