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DCF Valuation
Base-case fair value
$24.45
Intrinsic $32.60 · 25% MOS
Base-case summary
Our base-case DCF for Oneok Inc (OKE) projects 10 years of free cash flow growth at 5.8% for years 1–5 and 2.9% for years 6–10, anchored to 5.8% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $2.4B in trailing free cash flow, this produces an intrinsic value of $32.60 per share. A 25% safety margin gives a fair value of $24.45.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$2.4B
Cash & equivalents
$78M
Total debt
$33.1B
Shares outstanding
626M