Discounted Cash Flow (DCF) Analysis Levered

CURO Group Holdings Corp. (CURO)

$1.11

-0.03 (-2.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 299.44 | 1.11 | 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 909.02830.80569.01660.45776.13763.46750.99738.73726.67714.81
Revenue (%)
Operating Cash Flow 534.46650.63405.22323.17284.61448.80441.47434.26427.17420.20
Operating Cash Flow (%)
Capital Expenditure -14.03-13.98-10.92-23.65-45.82-22.34-21.97-21.62-21.26-20.92
Capital Expenditure (%)
Free Cash Flow 520.43636.65394.30299.53238.79426.46419.50412.65405.91399.28

Weighted Average Cost Of Capital

Share price $ 1.11
Beta 2.720
Diluted Shares Outstanding 40.43
Cost of Debt
Tax Rate 4.47
After-tax Cost of Debt 4.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.276
Total Debt 4,279.59
Total Equity 44.88
Total Capital 4,324.46
Debt Weighting 98.96
Equity Weighting 1.04
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 909.02830.80569.01660.45776.13763.46750.99738.73726.67714.81
Operating Cash Flow 534.46650.63405.22323.17284.61448.80441.47434.26427.17420.20
Capital Expenditure -14.03-13.98-10.92-23.65-45.82-22.34-21.97-21.62-21.26-20.92
Free Cash Flow 520.43636.65394.30299.53238.79426.46419.50412.65405.91399.28
WACC
PV LFCF 408.96385.77363.90343.26323.80
SUM PV LFCF 1,825.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.28
Free cash flow (t + 1) 407.27
Terminal Value 17,862.72
Present Value of Terminal Value 14,485.80

Intrinsic Value

Enterprise Value 16,311.49
Net Debt 4,205.66
Equity Value 12,105.83
Shares Outstanding 40.43
Equity Value Per Share 299.44