DCF Tool

ENLC

Enlink Midstream LLC – Pipeline Transportation of Natural Gas
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, and NGL capabilities. Its purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drive competitive returns and value for its employees, customers, and investors.
Analysis Results
Intrinsic Value $174.21
Latest Price $9.81
Relative Value 94% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 49.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 49.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 1.06 0.993
2023 1.59 1.39
2024 2.37 1.94
2025 3.55 2.71
2026 5.31 3.79
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 109 billion. This corresponds to a present value of 72.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 10.8 billion. Adding in the terminal value gives a total present value of 83.4 billion.

There are presently 479.0 million outstanding shares, so the intrinsic value per share is 174.21.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 920,400,000
Current Cash 26,200,000
Current Liabilities 898,900,000
Current Debt 0
Non-Cash Working Capital (NCWC) -4,700,000
Change in NCWC -78,300,000
EBIT 406,300,000
Tax Provision 25,400,000
Depreciation and Amortization 607,500,000
Capital Expenditure -184,000,000
Unlevered Free Cash Flow 690,180,808
Current Assets 651,400,000
Current Cash 39,600,000
Current Liabilities 888,000,000
Current Debt 349,800,000
Non-Cash Working Capital (NCWC) 73,600,000
Change in NCWC 153,700,000
EBIT 390,200,000
Tax Provision 143,200,000
Depreciation and Amortization 638,600,000
Capital Expenditure -302,200,000
Unlevered Free Cash Flow 880,300,000
Current Assets 644,400,000
Current Cash 77,400,000
Current Liabilities 647,100,000
Current Debt 0
Non-Cash Working Capital (NCWC) -80,100,000
Change in NCWC -135,600,000
EBIT 354,000,000
Tax Provision 6,900,000
Depreciation and Amortization 617,000,000
Capital Expenditure -754,900,000
Unlevered Free Cash Flow 80,500,000
Current Assets 1,036,100,000
Current Cash 100,400,000
Current Liabilities 1,280,000,000
Current Debt 399,800,000
Non-Cash Working Capital (NCWC) 55,500,000
Change in NCWC 318,100,000
EBIT 533,300,000
Tax Provision 18,200,000
Depreciation and Amortization 577,300,000
Capital Expenditure -843,100,000
Unlevered Free Cash Flow 585,600,000
Current Assets 808,700,000
Current Cash 31,200,000
Current Liabilities 1,040,100,000
Current Debt 0
Non-Cash Working Capital (NCWC) -262,600,000
Change in NCWC 56,400,000
EBIT 295,100,000
Tax Provision -196,800,000
Depreciation and Amortization 545,300,000
Capital Expenditure -790,800,000
Unlevered Free Cash Flow 106,000,000
Current Assets 580,200,000
Current Cash 11,700,000
Current Liabilities 887,500,000
Current Debt 0
Non-Cash Working Capital (NCWC) -319,000,000
Change in NCWC -362,800,000
EBIT 192,100,000
Tax Provision 4,600,000
Depreciation and Amortization 503,900,000
Capital Expenditure -663,000,000
Unlevered Free Cash Flow -329,800,000
Current Assets 493,700,000
Current Cash 18,000,000
Current Liabilities 432,400,000
Current Debt 500,000
Non-Cash Working Capital (NCWC) 43,800,000
Change in NCWC -67,500,000
EBIT 283,100,000
Tax Provision 25,700,000
Depreciation and Amortization 387,300,000
Capital Expenditure -572,300,000
Unlevered Free Cash Flow 30,600,000

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