Cheniere Energy, Inc.
NYSE-LNG
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 | 33,306 | 19,781 | 15,454 | 19,848.6 | 22,609.3 | 23,369.4 | 23,369.4 | 23,369.4 |
Revenue % Chg. | 90% | -40.6% | -21.9% | |||||
EBIT | 4,502 | 15,513 | 6,087 | 6,585.2 | 6,018.6 | 5,919.6 | 5,919.6 | 5,919.6 |
EBIT Margin | 13.5% | 78.4% | 39.4% | |||||
Tax Rate | 14.8% | 17.3% | 15.3% | |||||
NOPAT | 3,834.1 | 12,832.4 | 5,156.1 | 5,465.7 | 5,100.7 | 5,031.6 | 5,031.6 | 5,031.6 |
NOPAT Margin | 11.5% | 64.9% | 33.4% | 27.5% | 22.6% | 21.5% | 21.5% | 21.5% |
D&A | 1,119 | 1,196 | 1,220 | 1,291.3 | 1,371 | 1,448.4 | 1,448.4 | 1,448.4 |
D&A / Revenue | 3.4% | 6% | 7.9% | |||||
Capex | -1,830 | -2,121 | -2,238 | -2,784.9 | -2,390.7 | -1,912 | -1,912 | -1,912 |
Capex / Revenue | -5.5% | -10.7% | -14.5% | |||||
Chg. NWC | -307 | -177 | -188 | -200.7 | -228.6 | -236.3 | -236.3 | -236.3 |
Chg. NWC / Revenue | -0.9% | -0.9% | -1.2% | |||||
Unlevered FCF (UFCF) | 2,816.1 | 11,730.4 | 3,950.1 | 3,771.5 | 3,852.4 | 4,331.8 | 4,331.8 | 4,331.8 |
UFCF % Chg. | -264.3% | 316.5% | -66.3% | -4.5% | 2.1% | 12.4% | — | — |
PV of UFCF | — | — | — | 3,537.1 | 3,388.4 | 3,573.3 | 3,351.2 | 3,142.9 |
Sum of PV of UFCF | — | — | — | 3,537.1 | 6,925.5 | 10,498.8 | 13,850 | 16,992.9 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 3.2% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.6% |
| Total Debt | 26,117 |
| Market Cap | 44,747.3 |
| Total Capital | 70,864.3 |
| Debt Weighting | 36.9% |
| Equity Weighting | 63.1% |
| WACC | 6.6% |
| Exit Multiple EV/FCF | |
| Terminal Value | 74,481.3 |
| PV of Terminal Value | 50,680.6 |
| Cumulative PV of UFCF | 16,992.9 |
| Net Debt | 25,022 |
| Equity Value | 42,651.6 |
| Shares Outstanding | 215.2 |
| Implied Share Price | 198.2 |
| Current Share Price | 207.9 |
| Implied Upside / (Downside) | -4.7% |