Discounted Cash Flow

Spire Inc.

SR · 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 $1.5b $144.2m $35.0m 9.4% $3.26
2017 $1.7b (13.2%) $161.6m (12.1%) $-149.8m (-528.0%) 9.3% (-1.0%) $3.44 (5.5%)
2018 $2.0b (12.9%) $214.2m (32.5%) $-42.8m (71.4%) 10.9% (17.4%) $4.35 (26.5%)
2019 $2.0b (-0.6%) $184.6m (-13.8%) $-372.4m (-770.1%) 9.5% (-13.3%) $3.53 (-18.9%)
2020 $1.9b (-5.0%) $88.6m (-52.0%) $-168.5m (54.8%) 4.8% (-49.5%) $1.44 (-59.2%)
2021 $2.2b (20.5%) $271.7m (206.7%) $-375.0m (-122.6%) 12.2% (154.5%) $4.97 (245.1%)
2022 $2.2b (-1.7%) $220.8m (-18.7%) $-497.2m (-32.6%) 10.0% (-17.4%) $3.96 (-20.3%)
2023 $2.7b (21.3%) $217.5m (-1.5%) $-222.3m (55.3%) 8.2% (-18.8%) $3.86 (-2.5%)
2024 $2.6b (-2.7%) $250.9m (15.4%) $51.1m (123.0%) 9.7% (18.6%) $4.20 (8.8%)
2025 $2.5b (-4.5%) $271.7m (8.3%) $-344.4m (-774.0%) 11.0% (13.4%) $4.39 (4.5%)

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