Discounted Cash Flow

Tennessee Valley Authority

TVC · 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 $10.6b $1.2b $332.0m 11.6%
2017 $10.7b (1.2%) $685.0m (-44.4%) $583.0m (75.6%) 6.4% (-45.1%)
2018 $11.2b (4.6%) $1.1b (63.4%) $2.2b (276.7%) 10.0% (56.2%)
2019 $11.3b (0.8%) $1.4b (26.6%) $2.0b (-8.0%) 12.5% (25.7%)
2020 $10.2b (-9.4%) $1.4b (-4.6%) $2.0b (-1.3%) 13.2% (5.4%)
2021 $10.5b (2.5%) $1.5b (11.8%) $1.3b (-35.1%) 14.4% (9.1%)
2022 $12.5b (19.4%) $1.1b (-26.7%) $587.0m (-54.6%) 8.8% (-38.6%)
2023 $12.1b (-3.9%) $500.0m (-54.9%) $346.0m (-41.1%) 4.1% (-53.1%)
2024 $42.0m (-99.7%) $1.1b (127.0%) $-278.0m (-180.3%) 2702.4% (65049.0%)
2025 $52.0m (23.8%) $1.4b (19.8%) $-1.1b (-307.6%) 2615.4% (-3.2%)

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