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Discounted Cash Flow (DCF) Analysis Unlevered


Weatherford International plc (Ireland)

Weatherford International plc (Ireland) (WFT)

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 14,911.009,432.705,749.235,699.215,744.244,654.553,771.583,056.122,476.372,006.60
Revenue (%)
EBITDA 1,613.37-428.24-1,421.78-1,276.05-1,587.13-637.21-516.33-418.38-339.02-274.70
EBITDA (%)
EBIT 243.05-1,628.08-2,377.88-2,076.79-2,143.17-1,217.17-986.27-799.17-647.57-524.73
EBIT (%)
Depreciation 1,370.321,199.84956.10800.74556.04579.96469.94380.79308.56250.02
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 3,015.001,780.891,383.261,102.801,129.89951.39770.91624.67506.17410.15
Account Receivables (%)
Inventories 3,086.582,344.031,801.811,233.881,024.771,083.58878.02711.46576.50467.14
Inventories (%)
Accounts Payable 1,735.64947.99845.14856.02731.82597.18483.89392.10317.72257.45
Accounts Payable (%)
Capital Expenditure -1,455.31-689.53-213.87-239.94-214.26-267.64-216.87-175.73-142.39-115.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.36
Diluted Shares Outstanding 997.00
Cost of Debt
Tax Rate -1.96
After-tax Cost of Debt 0.15
Risk-Free Rate
Market Risk Premium
Cost of Equity 19.93
Total Debt 7,605.00
Total Equity 358.92
Total Capital 7,963.92
Debt Weighting 95.49
Equity Weighting 4.51
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 14,911.009,432.705,749.235,699.215,744.244,654.553,771.583,056.122,476.372,006.60
EBITDA 1,613.37-428.24-1,421.78-1,276.05-1,587.13-637.21-516.33-418.38-339.02-274.70
EBIT 243.05-1,628.08-2,377.88-2,076.79-2,143.17-1,217.17-986.27-799.17-647.57-524.73
Tax Rate -129.02%5.30%-17.90%-5.91%-1.96%-29.90%-29.90%-29.90%-29.90%-29.90%
EBIAT 556.63-1,541.86-2,803.54-2,199.55-2,185.15-1,581.08-1,281.15-1,038.12-841.19-681.61
Depreciation 1,370.321,199.84956.10800.74556.04579.96469.94380.79308.56250.02
Accounts Receivable -1,234.11397.63280.47-27.09178.50180.48146.24118.5096.02
Inventories -742.55542.22567.93209.11-58.81205.56166.56134.96109.36
Accounts Payable --787.65-102.8510.88-124.21-134.64-113.28-91.79-74.38-60.27
Capital Expenditure --765.78-475.6626.07-25.6853.38-50.77-41.14-33.34-27.01
UFCF 1,926.9581.20-1,486.10-513.47-1,596.98-962.69-589.23-477.46-386.88-313.49
WACC
PV UFCF -962.69-557.09-426.79-326.96-250.48
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.77
Free cash flow (t + 1) -326.03
Terminal Value -18,419.84
Present Value of Terminal Value -13,914.69

Intrinsic Value

Enterprise Value -
Net Debt 7,605.00
Equity Value -
Shares Outstanding 997.00
Equity Value Per Share -