EOG Resources, Inc.
NYSE-EOG
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 29,610 | 23,273 | 23,478 | 22,417.3 | 23,117.7 | 24,907.1 | 24,907.1 | 24,907.1 |
Revenue % Chg. | 49.7% | -21.4% | 0.9% | |||||
EBIT | 9,923 | 9,541 | 8,099 | 7,285.9 | 7,642 | 8,281.2 | 8,281.2 | 8,281.2 |
EBIT Margin | 33.5% | 41% | 34.5% | |||||
Tax Rate | 21.6% | 21.6% | 22.1% | |||||
NOPAT | 7,776.2 | 7,478 | 6,310.3 | 5,683.5 | 5,971.2 | 6,471.8 | 6,471.8 | 6,471.8 |
NOPAT Margin | 26.3% | 32.1% | 26.9% | 25.4% | 25.8% | 26% | 26% | 26% |
D&A | 3,868 | 3,661 | 4,466 | 4,438.6 | 4,949 | 5,195.8 | 5,195.8 | 5,195.8 |
D&A / Revenue | 13.1% | 15.7% | 19% | |||||
Capex | -5,000 | -6,185 | -6,372 | -6,331.7 | -6,641 | -6,833.8 | -6,833.8 | -6,833.8 |
Capex / Revenue | -16.9% | -26.6% | -27.1% | |||||
Chg. NWC | -1,159 | 191 | 550 | -56.1 | -57.9 | -62.3 | -62.3 | -62.3 |
Chg. NWC / Revenue | -3.9% | 0.8% | 2.3% | |||||
Unlevered FCF (UFCF) | 5,485.2 | 5,145 | 4,954.3 | 3,734.3 | 4,221.3 | 4,771.5 | 4,771.5 | 4,771.5 |
UFCF % Chg. | 23.9% | -6.2% | -3.7% | -24.6% | 13% | 13% | 0% | — |
PV of UFCF | — | — | — | 3,454.9 | 3,613.5 | 3,778.9 | 3,496.2 | 3,234.7 |
Sum of PV of UFCF | — | — | — | 3,454.9 | 7,068.4 | 10,847.3 | 14,343.5 | 17,578.1 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 2% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 5,792 |
| Market Cap | 60,857.8 |
| Total Capital | 66,649.8 |
| Debt Weighting | 8.7% |
| Equity Weighting | 91.3% |
| WACC | 8.1% |
| Exit Multiple EV/FCF | |
| Terminal Value | 65,454.8 |
| PV of Terminal Value | 41,054.4 |
| Cumulative PV of UFCF | 17,578.1 |
| Net Debt | 4,597 |
| Equity Value | 54,035.6 |
| Shares Outstanding | 542.6 |
| Implied Share Price | 99.6 |
| Current Share Price | 112.2 |
| Implied Upside / (Downside) | -11.2% |