Discounted Cash Flow

Clearway Energy, Inc.

CWEN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.0b $57.0m $540.0m 5.6% $0.58
2017 $1.0b (-1.2%) $-16.0m (-128.1%) $-16.0m (-103.0%) -1.6% (-128.4%) $2.20 (278.6%)
2018 $245.0m (-75.7%) $48.0m (400.0%) $415.0m (2693.8%) 19.6% (1335.5%) $2.52 (14.6%)
2019 $239.0m (-2.4%) $-11.0m (-122.9%) $-11.0m (-102.7%) -4.6% (-123.5%) $1.60 (-36.4%)
2020 $1.2b (401.7%) $25.0m (327.3%) $25.0m (327.3%) 2.1% (145.3%) $2.10 (31.2%)
2021 $1.3b (7.3%) $51.0m (104.0%) $51.0m (104.0%) 4.0% (90.2%) $2.66 (26.7%)
2022 $1.2b (-7.5%) $582.0m (1041.2%) $675.0m (1223.5%) 48.9% (1133.2%) $4.99 (87.6%)
2023 $1.3b (10.4%) $79.0m (-86.4%) $490.0m (-27.4%) 6.0% (-87.7%) $0.67 (-86.6%)
2024 $1.4b (4.3%) $88.0m (11.4%) $483.0m (-1.4%) 6.4% (6.8%) $0.75 (11.9%)
2025 $1.4b (4.2%) $169.0m (92.0%) $369.0m (-23.6%) 11.8% (84.3%) $3.54 (372.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model