Discounted Cash Flow

Southwest Gas Holdings, Inc.

SWX · 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 $2.4b $152.0m $-462.1m 6.4% $3.20
2017 $2.5b (3.8%) $193.8m (27.5%) $-253.7m (45.1%) 7.9% (22.9%) $4.04 (26.2%)
2018 $1.3b (-46.7%) $182.3m (-6.0%) $-237.1m (6.6%) 14.0% (76.5%) $3.69 (-8.7%)
2019 $1.4b (6.1%) $213.9m (17.4%) $-437.8m (-84.7%) 15.4% (10.6%) $3.94 (6.8%)
2020 $1.3b (-3.3%) $232.3m (8.6%) $-199.0m (54.5%) 17.3% (12.3%) $4.15 (5.3%)
2021 $1.5b (11.8%) $200.8m (-13.6%) $-604.2m (-203.6%) 13.4% (-22.7%) $3.39 (-18.3%)
2022 $5.0b (231.2%) $-203.3m (-201.3%) $-452.0m (25.2%) -4.1% (-130.6%) $-3.10 (-191.4%)
2023 $5.4b (9.6%) $150.9m (174.2%) $-522.0m (-15.5%) 2.8% (167.7%) $2.13 (168.7%)
2024 $2.4b (-55.6%) $198.8m (31.8%) $259.4m (149.7%) 8.2% (196.5%) $2.77 (30.0%)
2025 $-203.1m (-108.4%) $439.8m (121.2%) $-213.7m (-182.4%) -216.6% (-2730.9%) $6.09 (119.9%)

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