American Electric Power Company, Inc.
NasdaqGS-AEP
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 | 19,639.5 | 18,982.3 | 19,721.3 | 21,511.9 | 23,300.3 | 24,653.4 | 24,653.4 | 24,653.4 |
Revenue % Chg. | 17% | -3.3% | 3.9% | |||||
EBIT | 3,967 | 3,955.6 | 4,572.1 | 5,367.2 | 5,997.1 | 6,631.5 | 6,631.5 | 6,631.5 |
EBIT Margin | 20.2% | 20.8% | 23.2% | |||||
Tax Rate | 0.2% | 2.4% | -1.3% | |||||
NOPAT | 3,957.7 | 3,860.3 | 4,633.1 | 4,606.1 | 4,890 | 5,412.7 | 5,412.7 | 5,412.7 |
NOPAT Margin | 20.2% | 20.3% | 23.5% | 21.4% | 21% | 22% | 22% | 22% |
D&A | 3,155.7 | 3,024.1 | 3,251.5 | 3,509.8 | 3,723.3 | 3,993.9 | 3,993.9 | 3,993.9 |
D&A / Revenue | 16.1% | 15.9% | 16.5% | |||||
Capex | -7,979.7 | -7,661.7 | -8,170.1 | -11,881.7 | -11,556.7 | -12,704.4 | -12,704.4 | -12,704.4 |
Capex / Revenue | -40.6% | -40.4% | -41.4% | |||||
Chg. NWC | -237.7 | -703.5 | 510.3 | -167 | -180.9 | -191.4 | -191.4 | -191.4 |
Chg. NWC / Revenue | -1.2% | -3.7% | 2.6% | |||||
Unlevered FCF (UFCF) | -1,104 | -1,480.8 | 224.8 | -3,932.7 | -3,124.3 | -3,489.2 | -3,489.2 | -3,489.2 |
UFCF % Chg. | 816.1% | 34.1% | -115.2% | -1,849.2% | -20.6% | 11.7% | — | — |
PV of UFCF | — | — | — | -3,683.6 | -2,741 | -2,867.2 | -2,685.5 | -2,515.4 |
Sum of PV of UFCF | — | — | — | -3,683.6 | -6,424.6 | -9,291.7 | -11,977.3 | -14,492.7 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 4.1% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 45,998 |
| Market Cap | 63,680.1 |
| Total Capital | 109,678.1 |
| Debt Weighting | 41.9% |
| Equity Weighting | 58.1% |
| WACC | 6.8% |
| Exit Multiple EV/FCF | |
| Terminal Value | 111,367 |
| PV of Terminal Value | 75,198.4 |
| Cumulative PV of UFCF | -14,492.7 |
| Net Debt | 46,596.9 |
| Equity Value | 14,108.8 |
| Shares Outstanding | 534.1 |
| Implied Share Price | 26.4 |
| Current Share Price | 118.1 |
| Implied Upside / (Downside) | -77.6% |