Discounted Cash Flow

Pembina Pipeline Corp. Foreign

PBA · 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 $4.3b $466.0m $-668.0m 10.9% $1.02
2017 $5.4b (26.8%) $891.0m (91.2%) $-326.0m (51.2%) 16.5% (50.8%) $1.89 (85.3%)
2018 $7.4b (35.9%) $1.3b (43.4%) $1.0b (416.0%) 17.4% (5.5%) $2.28 (20.6%)
2019 $7.2b (-1.6%) $1.5b (16.7%) $887.0m (-13.9%) 20.6% (18.7%) $2.66 (16.7%)
2020 $6.2b (-14.2%) $-316.0m (-121.2%) $1.2b (37.9%) -5.1% (-124.7%) $-0.86 (-132.3%)
2021 $8.6b (39.1%) $1.2b (493.0%) $2.0b (62.9%) 14.4% (382.6%) $2.00 (332.6%)
2022 $11.6b (34.6%) $3.0b (139.2%) $2.3b (16.7%) 25.6% (77.7%) $5.14 (157.0%)
2023 $9.1b (-21.4%) $1.8b (-40.2%) $2.0b (-12.7%) 19.5% (-23.9%) $3.00 (-41.6%)
2024 $7.4b (-19.1%) $1.9b (5.5%) $2.3b (11.3%) 25.4% (30.4%) $3.00 (0.0%)
2025 $7.8b (5.3%) $1.7b (-9.6%) $2.5b (11.4%) 21.8% (-14.2%) $2.67 (-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