Xcel Energy Inc., through its subsidiaries, generates, purchases, transmits, distributes, and sells electricity. It operates through Regulated Electric Utility, Regulated Natural Gas Utility, and All Other segments. The company generates electricity through coal, nuclear, natural gas, hydroelectric, solar, biomass, oil, wood/refuse, and wind energy sources. It also purchases, transports, distributes, and sells natural gas to retail customers, as well as transports customer-owned natural gas. In addition, the company develops and leases natural gas pipelines, and storage and compression facilities; and invests in rental housing projects, as well as procures equipment for the construction of renewable generation facilities. It serves residential, commercial, and industrial customers in the portions of Colorado, Michigan, Minnesota, New Mexico, North Dakota, South Dakota, Texas, and Wisconsin. The company sells electricity to approximately 3.7 million customers; and natural gas to approximately 2.1 million customers. Xcel Energy Inc. was incorporated in 1909 and is headquartered in Minneapolis, Minnesota.

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	15,310	14,206	13,441	14,881.1	16,021.6	17,175.4	17,175.4	17,175.4
Revenue % Chg.	14%	-7.2%	-5.4%
EBIT	2,459	2,613	2,407	3,076.1	3,578.7	4,170.3	4,170.3	4,170.3
EBIT Margin	16.1%	18.4%	17.9%
Tax Rate	-8.4%	-9%	-26.2%
NOPAT	2,666.3	2,847.8	3,037.8	2,802.3	3,487.4	3,955.6	3,955.6	3,955.6
NOPAT Margin	17.4%	20%	22.6%	18.8%	21.8%	23%	23%	23%
D&A	2,554	2,567	2,875	2,944.4	3,186.4	3,405.6	3,405.6	3,405.6
D&A / Revenue	16.7%	18.1%	21.4%
Capex	-4,638	-5,854	-7,364	-10,940	-11,583	-11,737.4	-11,737.4	-11,737.4
Capex / Revenue	-30.3%	-41.2%	-54.8%
Chg. NWC	-115	1,192	-172	315.5	339.7	364.1	364.1	364.1
Chg. NWC / Revenue	-0.8%	8.4%	-1.3%
Unlevered FCF (UFCF)	467.3	752.8	-1,623.2	-4,877.8	-4,569.5	-4,012.1	-4,012.1	-4,012.1
UFCF % Chg.	-141.5%	61.1%	-315.6%	200.5%	-6.3%	-12.2%	-0%	—
PV of UFCF	—	—	—	-4,551.5	-3,978.6	-3,259.6	-3,041.6	-2,838.1
Sum of PV of UFCF	—	—	—	-4,551.5	-8,530.1	-11,789.8	-14,831.4	-17,669.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	5%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.6%
Total Debt	30,270
Market Cap	46,755.3
Total Capital	77,025.3
Debt Weighting	39.3%
Equity Weighting	60.7%
WACC	7.2%

Exit Multiple EV/FCF
Terminal Value	81,255.3
PV of Terminal Value	53,633.8
Cumulative PV of UFCF	-17,669.5
Net Debt	34,500
Equity Value	1,464.3
Shares Outstanding	591.5
Implied Share Price	2.5
Current Share Price	79
Implied Upside / (Downside)	-96.9%