Discounted Cash Flow

Plains ALL American Pipeline L.P. LP

PAA · 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 $20.2b $726.0m $-608.0m 3.6%
2017 $26.2b (29.9%) $856.0m (17.9%) $1.5b (342.6%) 3.3% (-9.3%)
2018 $34.1b (29.9%) $2.2b (158.9%) $974.0m (-34.0%) 6.5% (99.3%)
2019 $33.7b (-1.1%) $2.2b (-2.0%) $1.3b (35.8%) 6.4% (-0.9%)
2020 $23.3b (-30.8%) $-2.6b (-219.3%) $776.0m (-41.3%) -11.1% (-272.5%)
2021 $42.1b (80.7%) $593.0m (122.9%) $1.7b (113.9%) 1.4% (112.7%)
2022 $57.3b (36.3%) $1.0b (74.9%) $2.0b (17.7%) 1.8% (28.3%)
2023 $48.7b (-15.1%) $1.2b (18.6%) $2.2b (11.0%) 2.5% (39.6%)
2024 $50.1b (2.8%) $772.0m (-37.2%) $1.9b (-13.7%) 1.5% (-38.9%)
2025 $44.3b (-11.6%) $1.4b (85.9%) $2.3b (22.6%) 3.2% (110.3%)

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