Discounted Cash Flow (DCF) Analysis Levered

HC2 Holdings, Inc. (HCHC)

$3.68

+0.02 (+0.55%)
All numbers are in Millions, Currency in USD
Stock DCF: -17.43 | 3.68 | overvalue

Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,120.811,558.131,634.121,992.782,430.152,963.523,613.954,407.145,374.416,553.987,992.44
Revenue (%)
Operating Cash Flow -32.5679.156.1416.9420.6625.1930.7237.4745.6955.7267.95
Operating Cash Flow (%)
Capital Expenditure -21.32-29.05-31.92-38-46.34-56.51-68.91-84.04-102.48-124.97-152.40
Capital Expenditure (%)
Free Cash Flow -53.8850.10-25.78-21.06-25.68-31.32-38.19-46.57-56.79-69.26-84.46

Weighted Average Cost Of Capital

Share price $ 3.68
Beta 2.305
Diluted Shares Outstanding 50.70
Cost of Debt
Tax Rate -230.94
After-tax Cost of Debt 14.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.426
Total Debt 561.50
Total Equity 186.58
Total Capital 748.08
Debt Weighting 75.06
Equity Weighting 24.94
Wacc

Build Up Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,120.811,558.131,634.121,992.782,430.152,963.523,613.954,407.145,374.416,553.987,992.44
Operating Cash Flow -32.5679.156.1416.9420.6625.1930.7237.4745.6955.7267.95
Capital Expenditure -21.32-29.05-31.92-38-46.34-56.51-68.91-84.04-102.48-124.97-152.40
Free Cash Flow -53.8850.10-25.78-21.06-25.68-31.32-38.19-46.57-56.79-69.26-84.46
WACC
PV LFCF -24.05-25.68-27.42-29.28-31.26-33.38-35.64-38.05
SUM PV LFCF -191.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.21
Free cash flow (t + 1) -86.14
Terminal Value -705.53
Present Value of Terminal Value -363.07

Intrinsic Value

Enterprise Value -554.50
Net Debt 329.20
Equity Value -883.70
Shares Outstanding 50.70
Equity Value Per Share -17.43