Discounted Cash Flow

Energy Transfer L.P. LP

ET · 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 $30.1b $995.0m $-4.3b 3.3%
2017 $40.5b (34.6%) $954.0m (-4.1%) $-8.3b (-93.1%) 2.4% (-28.8%)
2018 $54.1b (33.5%) $1.7b (77.6%) $-7.9b (5.0%) 3.1% (33.0%)
2019 $54.2b (0.2%) $3.6b (112.0%) $-6.0b (24.5%) 6.6% (111.5%)
2020 $39.0b (-28.1%) $-648.0m (-118.0%) $-5.1b (13.9%) -1.7% (-125.1%)
2021 $67.4b (73.1%) $5.5b (944.1%) $8.3b (262.6%) 8.1% (587.7%)
2022 $89.9b (33.3%) $4.8b (-13.1%) $5.7b (-32.0%) 5.3% (-34.8%)
2023 $78.6b (-12.6%) $3.9b (-17.3%) $6.4b (13.2%) 5.0% (-5.4%)
2024 $82.7b (5.2%) $4.8b (22.3%) $7.3b (14.3%) 5.8% (16.3%)
2025 $85.5b (3.5%) $4.4b (-7.9%) $3.8b (-47.6%) 5.2% (-11.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

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