Discounted Cash Flow

Firstenergy Corp.

FE · 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 $14.6b $-6.2b $3.4b -42.4% $-14.49
2017 $14.0b (-3.7%) $-1.7b (72.1%) $3.8b (13.0%) -12.3% (71.0%) $-3.88 (73.2%)
2018 $10.9b (-21.9%) $1.3b (178.2%) $1.4b (-63.0%) 12.3% (200.1%) $1.99 (151.3%)
2019 $10.8b (-1.3%) $912.0m (-32.3%) $2.5b (75.0%) 8.4% (-31.5%) $1.70 (-14.6%)
2020 $10.7b (-1.0%) $1.1b (18.3%) $1.4b (-42.3%) 10.1% (19.5%) $1.99 (17.1%)
2021 $11.1b (3.8%) $1.3b (18.9%) $2.8b (97.5%) 11.5% (14.5%) $2.35 (18.1%)
2022 $12.5b (12.1%) $406.0m (-68.4%) $-165.0m (-105.9%) 3.3% (-71.8%) $0.71 (-69.8%)
2023 $12.9b (3.3%) $1.1b (171.4%) $-2.0b (-1093.3%) 8.6% (162.8%) $1.92 (170.4%)
2024 $13.5b (4.7%) $978.0m (-11.3%) $-1.1b (42.2%) 7.3% (-15.2%) $1.70 (-11.5%)
2025 $15.1b (12.0%) $1.0b (4.3%) $-1.0b (11.8%) 6.8% (-6.9%) $1.77 (4.1%)

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