Discounted Cash Flow

Ecopetrol S.A. ADR

EC · Based on 10 years of SEC filings · Converted from COP to USD (20 ordinary shares per ADR)

⚠ Cash flow predictability 46/100 (moderate) — FCF YoY std dev 67%, net income 67% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

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 $15.6b $788.2m $4.6b 5.0% $59.50
2017 $18.0b (15.4%) $2.3b (193.3%) $5.5b (19.3%) 12.8% (154.1%) $174.60 (193.4%)
2018 $22.1b (22.6%) $3.7b (58.5%) $7.2b (32.4%) 16.6% (29.3%) $276.80 (58.5%)
2019 $23.0b (4.2%) $4.4b (20.8%) $8.9b (23.3%) 19.2% (15.9%) $334.27 (20.8%)
2020 $16.2b (-29.7%) $510.9m (-88.5%) $3.0b (-66.8%) 3.2% (-83.6%) $38.59 (-88.5%)
2021 $29.6b (82.9%) $5.0b (886.3%) $7.3b (145.3%) 17.0% (439.1%) $380.60 (886.3%)
2022 $51.4b (73.7%) $10.2b (102.0%) $4.6b (-36.3%) 19.8% (16.3%) $768.70 (102.0%)
2023 $46.1b (-10.3%) $6.8b (-33.4%) $-1.4b (-129.9%) 14.7% (-25.7%) $512.20 (-33.4%)
2024 $42.9b (-6.9%) $4.5b (-34.3%) $7.8b (664.2%) 10.4% (-29.4%) $336.60 (-34.3%)
2025 $38.5b (-10.2%) $3.4b (-24.2%) $4.0b (-48.3%) 8.8% (-15.6%) $255.10 (-24.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in COP. Values above are converted to USD for comparison with the US-listed share price.

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