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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 1,613.37-428.24-1,421.78-1,276.05-1,587.13-922.53-747.53-605.72-490.82-397.71
EBITDA (%)
EBIT 243.05-1,628.08-2,377.88-2,076.79-2,143.17-1,540.19-1,248.02-1,011.27-819.43-663.98
EBIT (%)
Depreciation 1,370.321,199.84956.10800.74556.04617.66500.49405.55328.61266.28
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 3,015.001,780.891,383.261,102.801,129.89953.72772.80626.20507.41411.15
Account Receivables (%)
Inventories 3,086.582,344.031,801.811,233.881,024.771,113.37902.16731.02592.35479.98
Inventories (%)
Accounts Payable 1,735.64947.99845.14856.02731.82611.14495.21401.27325.15263.47
Accounts Payable (%)
Capital Expenditure -1,455.31-689.53-213.87-239.94-214.26-220.63-178.77-144.86-117.38-95.11
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 1,613.37-428.24-1,421.78-1,276.05-1,587.13-922.53-747.53-605.72-490.82-397.71
EBIT 243.05-1,628.08-2,377.88-2,076.79-2,143.17-1,540.19-1,248.02-1,011.27-819.43-663.98
Tax Rate -129.02%5.30%-17.90%-5.91%-1.96%-29.90%-29.90%-29.90%-29.90%-29.90%
EBIAT 556.63-1,541.86-2,803.54-2,199.55-2,185.15-2,000.69-1,621.16-1,313.63-1,064.43-862.51
Depreciation 1,370.321,199.84956.10800.74556.04617.66500.49405.55328.61266.28
Accounts Receivable -1,234.11397.63280.47-27.09176.17180.92146.60118.7996.26
Inventories -742.55542.22567.93209.11-88.60211.21171.14138.68112.37
Accounts Payable --787.65-102.8510.88-124.21-120.67-115.93-93.94-76.12-61.68
Capital Expenditure --765.78-475.6626.07-25.686.37-41.85-33.91-27.48-22.27
UFCF 1,926.9581.20-1,486.10-513.47-1,596.98-1,409.76-886.33-718.19-581.95-471.56
WACC
PV UFCF -1,409.76-837.98-641.97-491.81-376.78
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.77
Free cash flow (t + 1) -490.42
Terminal Value -27,707.25
Present Value of Terminal Value -20,930.57

Intrinsic Value

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

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
7.77 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
7.27 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
6.77 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
6.27 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.77 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.27 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.77 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.27 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.77 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell