BP p.l.c.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF at BP's own disclosed mid-cycle planning price of roughly $70/bbl Brent: $12.0B normalized FCF base, the average of FY2024 and FY2025 actual free cash flow; 5% FCF growth years 1-5 from Gulf of Mexico discovery ramp and cost cuts; 2% years 6-10; 10% discount rate; 1% terminal growth; less $35.9B FY2025 net debt; about 2.60B ADS-equivalent shares.

Reasoning: BP's annual free cash flow swings enormously with spot oil prices, so extrapolating any single year would be misleading; anchoring to BP's own disclosed mid-cycle planning price and a blended recent-year FCF base yields a more representative through-cycle valuation.