Discounted Cash Flow

Western Midstream Partners, L.P. LP

WES · 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 $1.8b $345.8m $913.1m 19.2%
2017 $2.2b (24.6%) $376.6m (8.9%) $897.4m (-1.7%) 16.8% (-12.6%)
2018 $2.3b (2.5%) $551.6m (46.5%) $1.3b (50.2%) 23.9% (42.8%)
2019 $2.7b (19.1%) $697.2m (26.4%) $1.3b (-1.8%) 25.4% (6.2%)
2020 $2.5b (-7.2%) $527.0m (-24.4%) $1.6b (23.7%) 20.7% (-18.5%)
2021 $2.7b (5.9%) $916.3m (73.9%) $1.8b (7.9%) 34.0% (64.2%)
2022 $3.3b (20.5%) $1.2b (32.8%) $1.2b (-31.7%) 37.4% (10.2%)
2023 $3.1b (-4.5%) $1.0b (-16.0%) $926.3m (-23.3%) 32.9% (-12.1%)
2024 $3.6b (16.1%) $1.6b (53.9%) $1.3b (40.7%) 43.7% (32.6%)
2025 $3.8b (6.6%) $1.2b (-24.9%) $1.5b (14.7%) 30.7% (-29.6%)

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