DCF Tool


Enlink Midstream LLC – Pipeline Transportation of Natural Gas
enlink midstream is a leading, integrated midstream company with a diverse geographic footprint and a strong financial foundation, delivering tailored customer solutions for sustainable growth. our expansive gathering, processing, fractionation, transportation, and logistics assets are located in the most prolific oil and gas regions in north america, including the gulf coast, permian, stack, cana, arkoma-woodford, north texas, haynesville, utica, marcellus, and eagle ford. we are delivering growth and unlocking value for our customers, employees, and investors through our proven expertise in leveraging our diversified assets and strategic relationships. enlink midstream formed in 2014 when devon energy agreed to combine substantially all of its midstream assets with crosstex energy to form a leading integrated midstream company with enhanced size and scale in core operating regions. this strategic combination generates strong unitholder value, fuels innovation, and drives growth. devo
Analysis Results
Intrinsic Value $374.90
Latest Price $13.93
Relative Value 96% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
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 44.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 44.9%, 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)
2023 1.55 1.48
2024 2.24 2.04
2025 3.25 2.83
2026 4.7 3.92
2027 6.82 5.43
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 204 billion. This corresponds to a present value of 156 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 15.7 billion. Adding in the terminal value gives a total present value of 171 billion.

There are presently 457.0 million outstanding shares, so the intrinsic value per share is 374.9.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 982,800,000
Current Cash 22,600,000
Current Liabilities 875,400,000
Current Debt 0
Non-Cash Working Capital (NCWC) 84,800,000
Change in NCWC 89,500,000
EBIT 674,200,000
Tax Provision -94,900,000
Depreciation and Amortization 639,400,000
Capital Expenditure -332,500,000
Unlevered Free Cash Flow 1,070,600,000
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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