Discounted Cash Flow (DCF) Analysis Unlevered

Oasis Petroleum Inc

Oasis Petroleum Inc (OAS)

$34.12
1.82 (+5.63%)

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 1,142.001,390.23789.74704.671,248.422,321.952,071.742,486.612,984.563,582.224,299.575,160.56
Revenue (%)
EBITDA 813.84918.42418.23351.65678.551,103.48948.321,377.721,653.611,984.742,382.192,859.23
EBITDA (%)
EBIT 813.84918.42418.23351.65678.551,103.48948.321,377.721,653.611,984.742,382.192,859.23
EBIT (%)
Depreciation ------------
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 91.9045.819.7311.2316.7222.1920.0261.9174.3189.19107.05128.49
Total Cash (%)
Account Receivables 315.11306.47197.41204.34363.58387.60371.18594.53713.59856.481,027.991,233.85
Account Receivables (%)
Inventories 20.6521.3511.0710.6519.3733.1335.2638.8546.6355.9767.1880.63
Inventories (%)
Accounts Payable 155.66230.85142.34144.38227.37236.8696.90361.76434.21521.16625.52750.78
Accounts Payable (%)
Capital Expenditure -2,453.60-1,402.86-848.66-1,208.09-647.71-1,151.81-869.22-2,621.98-3,147.04-3,777.24-4,533.63-5,441.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 34.12
Beta 3.536
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -3.96
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 30.608
Total Debt 2,769.82
Total Equity -
Total Capital 2,769.82
Debt Weighting 100.00
Equity Weighting 0.00
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 1,142.001,390.23789.74704.671,248.422,321.952,071.742,486.612,984.563,582.224,299.575,160.56
EBITDA 813.84918.42418.23351.65678.551,103.48948.321,377.721,653.611,984.742,382.192,859.23
EBIT 813.84918.42418.23351.65678.551,103.48948.321,377.721,653.611,984.742,382.192,859.23
Tax Rate 37.20%37.77%28.60%34.59%263.19%-39.27%-3.96%51.16%51.16%51.16%51.16%51.16%
EBIAT 511.05571.57298.61229.99-1,107.361,536.85985.84672.86807.60969.321,163.431,396.40
Depreciation ------------
Accounts Receivable -8.64109.06-6.93-159.24-24.0216.42-223.35-119.06-142.90-171.51-205.86
Inventories --0.7010.280.42-8.72-13.76-2.13-3.59-7.78-9.34-11.21-13.45
Accounts Payable -75.19-88.512.0482.989.50-139.96264.8772.4486.95104.36125.26
Capital Expenditure -2,453.60-1,402.87-848.66-1,208.09-647.72-1,151.81-869.22-2,621.98-3,147.04-3,777.24-4,533.63-5,441.50
UFCF -1,942.54-748.17-519.22-982.55-1,840.05356.75-9.05-1,911.20-2,393.83-2,873.20-3,448.57-4,139.15
WACC
PV UFCF -1,820.19-2,171.28-2,481.98-2,837.14-3,243.13
SUM PV UFCF -12,553.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.00
Free cash flow (t + 1) -4,304.71
Terminal Value -430,471.22
Present Value of Terminal Value -337,285.47

Intrinsic Value

Enterprise Value -349,839.20
Net Debt 2,691.55
Equity Value -352,530.75
Shares Outstanding -
Equity Value Per Share -Infinity