DCF Tool

LBRT

Liberty Energy Inc – Support Activities for Oil and Gas Operations
Liberty Oilfield Services Inc. is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with its customers. Liberty is headquartered in Denver, Colorado.
Analysis Results
Intrinsic Value $0.02
Latest Price $12.07
Relative Value 54045% overvalued
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Cash Flow (Millions)
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 -63.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -63.3%, 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 (million) Present value (million)
2022 2.71 2.49
2023 0.994 0.838
2024 0.365 0.282
2025 0.134 0.095
2026 0.0491 0.032
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 0.72 million. This corresponds to a present value of 0.431 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.73 million. Adding in the terminal value gives a total present value of 4.17 million.

There are presently 187.0 million outstanding shares, so the intrinsic value per share is 0.02.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 630,377,000
Current Cash 19,998,000
Current Liabilities 569,247,000
Current Debt 9,750,000
Non-Cash Working Capital (NCWC) 50,882,000
Change in NCWC -112,071,000
EBIT -180,445,000
Tax Provision 9,216,000
Depreciation and Amortization 262,757,000
Capital Expenditure -198,794,000
Unlevered Free Cash Flow -228,553,000
Current Assets 567,133,000
Current Cash 68,978,000
Current Liabilities 356,146,000
Current Debt 20,944,000
Non-Cash Working Capital (NCWC) 162,953,000
Change in NCWC 29,109,000
EBIT -177,437,000
Tax Provision -30,857,000
Depreciation and Amortization 180,084,000
Capital Expenditure -103,637,000
Unlevered Free Cash Flow -71,881,000
Current Assets 488,974,000
Current Cash 112,690,000
Current Liabilities 266,495,000
Current Debt 24,055,000
Non-Cash Working Capital (NCWC) 133,844,000
Change in NCWC -4,714,000
EBIT 106,198,000
Tax Provision 14,052,000
Depreciation and Amortization 165,379,000
Capital Expenditure -195,173,000
Unlevered Free Cash Flow 54,906,808
Current Assets 461,221,000
Current Cash 103,312,000
Current Liabilities 219,736,000
Current Debt 385,000
Non-Cash Working Capital (NCWC) 138,558,000
Change in NCWC 23,344,000
EBIT 302,221,000
Tax Provision 40,385,000
Depreciation and Amortization 125,110,000
Capital Expenditure -258,835,000
Unlevered Free Cash Flow 149,668,486

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