Discounted Cash Flow (DCF) Analysis Levered

Comstock Holding Companies, Inc. (CHCI)

$3.81

+0.04 (+1.06%)

All numbers are in Millions, Currency in USD

Stock DCF: 15.15 | 3.81 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	56.75	25.32	28.73	31.09	39.31	38.60	37.90	37.22	36.54	35.88
Revenue (%)
Operating Cash Flow	16.25	8.39	3.44	7.81	8.40	9.28	9.11	8.95	8.79	8.63
Operating Cash Flow (%)
Capital Expenditure	-0.08	-0.21	-0.15	-0.19	-0.63	-0.28	-0.28	-0.27	-0.27	-0.26
Capital Expenditure (%)
Free Cash Flow	16.17	8.19	3.29	7.62	7.77	9	8.84	8.68	8.52	8.36

Weighted Average Cost Of Capital

Share price	$ 3.81
Beta	1.061
Diluted Shares Outstanding	9.57
Cost of Debt
Tax Rate	-19.61
After-tax Cost of Debt	2.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.621
Total Debt	7.92
Total Equity	36.48
Total Capital	44.40
Debt Weighting	17.83
Equity Weighting	82.17
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	56.75	25.32	28.73	31.09	39.31	38.60	37.90	37.22	36.54	35.88
Operating Cash Flow	16.25	8.39	3.44	7.81	8.40	9.28	9.11	8.95	8.79	8.63
Capital Expenditure	-0.08	-0.21	-0.15	-0.19	-0.63	-0.28	-0.28	-0.27	-0.27	-0.26
Free Cash Flow	16.17	8.19	3.29	7.62	7.77	9	8.84	8.68	8.52	8.36
WACC
PV LFCF						5.80	5.30	4.84	4.41	4.03
SUM PV LFCF										35.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.58
Free cash flow (t + 1)	8.53
Terminal Value	152.89
Present Value of Terminal Value	106.10

Intrinsic Value

Enterprise Value	141.23
Net Debt	-3.80
Equity Value	145.03
Shares Outstanding	9.57
Equity Value Per Share	15.15