Equinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; Renewables; and Other segments. The company also transports, processes, manufactures, markets, and trades in oil and gas commodities, such as crude and condensate products, gas liquids, natural gas, and liquefied natural gas; markets and trades in electricity and emission rights; operates refineries, terminals and processing, and power plants; and develops low carbon solutions for oil and gas. In addition, it develops wind, and carbon capture and storage projects, as well as offers other renewable energy. As of December 31, 2021, the company had proved oil and gas reserves of 5,356 million barrels of oil equivalent. Equinor ASA has collaboration agreements with Vårgrønn; and RWE Renewables and Hydro REIN. The company was formerly known as Statoil ASA and changed its name to Equinor ASA in May 2018. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.

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	149,004	106,848	102,502	103,750.6	98,031.6	95,985.2	95,985.2	95,985.2
Revenue % Chg.	64.3%	-28.3%	-4.1%
EBIT	74,072	36,038	29,110	28,101.3	24,318	24,372.4	24,372.4	24,372.4
EBIT Margin	49.7%	33.7%	28.4%
Tax Rate	63.4%	68.6%	71.5%
NOPAT	27,085.8	11,324	8,294.5	6,856.7	6,770.1	7,238.6	7,238.6	7,238.6
NOPAT Margin	18.2%	10.6%	8.1%	6.6%	6.9%	7.5%	7.5%	7.5%
D&A	9,220	9,321	9,755	10,776.8	10,136.6	10,394.1	10,394.1	10,394.1
D&A / Revenue	6.2%	8.7%	9.5%
Capex	-8,758	-10,575	-12,177	-12,781.8	-12,942.9	-12,301	-12,301	-12,301
Capex / Revenue	-5.9%	-9.9%	-11.9%
Chg. NWC	-4,616	4,960	2,218	1,282.4	1,211.7	1,186.4	1,186.4	1,186.4
Chg. NWC / Revenue	-3.1%	4.6%	2.2%
Unlevered FCF (UFCF)	22,931.8	15,030	8,090.5	6,134.1	5,175.6	6,518.2	6,518.2	6,518.2
UFCF % Chg.	213.3%	-34.5%	-46.2%	-24.2%	-15.6%	25.9%	—	—
PV of UFCF	—	—	—	5,667.3	4,418	5,140.6	4,749.5	4,388.1
Sum of PV of UFCF	—	—	—	5,667.3	10,085.3	15,225.9	19,975.4	24,363.5

Cost of Debt
Tax Rate
After Tax Cost of Debt	0.7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.6%
Total Debt	30,094
Market Cap	589,343.9
Total Capital	619,437.9
Debt Weighting	4.9%
Equity Weighting	95.1%
WACC	8.2%

Exit Multiple EV/FCF
Terminal Value	675,550.5
PV of Terminal Value	420,181.6
Cumulative PV of UFCF	24,363.5
Net Debt	8,564
Equity Value	435,981
Shares Outstanding	2,505.7
Implied Share Price	174
Current Share Price	22.9
Implied Upside / (Downside)	660.5%