Discounted Cash Flow

Murphy USA Inc.

MUSA · 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 $11.6b $221.5m $337.4m 1.9% $5.64
2017 $12.8b (10.6%) $245.3m (10.7%) $283.6m (-15.9%) 1.9% (0.1%) $6.85 (21.5%)
2018 $14.4b (12.0%) $213.6m (-12.9%) $398.7m (40.6%) 1.5% (-22.2%) $6.54 (-4.5%)
2019 $14.0b (-2.3%) $154.8m (-27.5%) $313.3m (-21.4%) 1.1% (-25.8%) $4.90 (-25.1%)
2020 $11.3b (-19.7%) $386.1m (149.4%) $563.7m (79.9%) 3.4% (210.8%) $13.25 (170.4%)
2021 $17.4b (54.1%) $396.9m (2.8%) $737.4m (30.8%) 2.3% (-33.3%) $15.14 (14.3%)
2022 $23.4b (35.1%) $672.9m (69.5%) $689.4m (-6.5%) 2.9% (25.5%) $28.63 (89.1%)
2023 $21.5b (-8.2%) $556.8m (-17.3%) $448.4m (-35.0%) 2.6% (-9.9%) $25.91 (-9.5%)
2024 $20.2b (-6.0%) $502.5m (-9.8%) $389.5m (-13.1%) 2.5% (-4.0%) $24.47 (-5.6%)
2025 $19.4b (-4.2%) $470.6m (-6.3%) $374.3m (-3.9%) 2.4% (-2.2%) $24.38 (-0.4%)

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