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Discounted Cash Flow (DCF) Analysis Unlevered


Schlumberger N.V.

Schlumberger N.V. (SLB)

Energy

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,266.0048,579.4735,472.7327,807.0730,437.6232,811.7631,236.7929,737.4328,310.0326,951.1525,657.49
Revenue (%)
EBITDA 12,851.0211,829.107,243.532,700.073,229.436,716.575,931.875,647.145,376.075,118.024,872.36
EBITDA (%)
EBIT 8,971.727,733.853,164.17-1,393.13-608.753,159.772,461.462,343.312,230.832,123.752,021.81
EBIT (%)
Depreciation 3,879.304,095.254,079.364,093.203,838.183,556.793,470.413,303.833,145.242,994.272,850.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 8,369.687,500.6713,032.689,256.975,089.172,775.876,722.166,399.496,092.325,799.895,521.49
Total Cash (%)
Account Receivables 11,497.5611,173.288,779.509,387.678,084.237,881.388,199.667,806.077,431.387,074.686,735.09
Account Receivables (%)
Inventories 4,603.554,629.623,756.564,223.894,045.164,009.603,695.313,517.943,349.083,188.323,035.28
Inventories (%)
Accounts Payable 8,835.929,244.677,725.9610,016.1110,035.2810,224.148,355.847,954.767,572.937,209.436,863.38
Accounts Payable (%)
Capital Expenditure -4,336.48-4,299.28-2,894.57-2,686.16-2,383.27-2,260.73-2,652.00-2,524.71-2,403.52-2,288.15-2,178.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.91
Diluted Shares Outstanding 1,393.00
Cost of Debt
Tax Rate 17.29
After-tax Cost of Debt -0.81
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.32
Total Debt 14,644.00
Total Equity 44,450.63
Total Capital 59,094.63
Debt Weighting 24.78
Equity Weighting 75.22
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 45,266.0048,579.4735,472.7327,807.0730,437.6232,811.7631,236.7929,737.4328,310.0326,951.1525,657.49
EBITDA 12,851.0211,829.107,243.532,700.073,229.436,716.575,931.875,647.145,376.075,118.024,872.36
EBIT 8,971.727,733.853,164.17-1,393.13-608.753,159.772,461.462,343.312,230.832,123.752,021.81
Tax Rate 21.54%26.17%26.47%14.15%-28.09%17.29%12.92%12.92%12.92%12.92%12.92%
EBIAT 7,039.355,709.572,326.53-1,196.04-779.722,613.382,143.362,040.481,942.531,849.291,760.53
Depreciation 3,879.304,095.254,079.364,093.203,838.183,556.793,470.413,303.833,145.242,994.272,850.55
Accounts Receivable -324.292,393.78-608.171,303.44202.85-318.27393.58374.69356.71339.58
Inventories --26.07873.06-467.33178.7335.56314.28177.38168.86160.76153.04
Accounts Payable -408.75-1,518.712,290.1519.18188.86-1,868.30-401.08-381.83-363.50-346.05
Capital Expenditure --37.20-1,404.71-208.41-302.90-122.54391.27-127.30-121.19-115.37-109.83
UFCF 10,918.6510,474.586,749.313,903.404,256.916,474.914,132.755,386.895,128.324,882.164,647.81
WACC
PV UFCF 3,721.854,368.973,745.733,211.402,753.29
SUM PV UFCF 41,298.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.04
Free cash flow (t + 1) 4,833.72
Terminal Value 68,660.87
Present Value of Terminal Value 40,673.54

Intrinsic Value

Enterprise Value 81,971.91
Net Debt 11,868.13
Equity Value 70,103.78
Shares Outstanding 1,393.00
Equity Value Per Share 50.33