Discounted Cash Flow (DCF) Analysis Levered

Hamilton Lane Incorporated (HLNE)

$77.82

-0.40 (-0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 83.00 | 77.82 | 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 244.03252.18274.05341.64367.92408.73454.06504.42560.37622.53
Revenue (%)
Operating Cash Flow 96.69111.62116.37188.16169.52185.97206.60229.51254.97283.25
Operating Cash Flow (%)
Capital Expenditure -2.25-5.37-6.15-19.64-8.53-10.92-12.13-13.48-14.97-16.64
Capital Expenditure (%)
Free Cash Flow 94.44106.26110.22168.52161175.05194.47216.04240266.62

Weighted Average Cost Of Capital

Share price $ 77.82
Beta 0.978
Diluted Shares Outstanding 53.67
Cost of Debt
Tax Rate 53.46
After-tax Cost of Debt 0.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.507
Total Debt 253.57
Total Equity 4,176.93
Total Capital 4,430.50
Debt Weighting 5.72
Equity Weighting 94.28
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 244.03252.18274.05341.64367.92408.73454.06504.42560.37622.53
Operating Cash Flow 96.69111.62116.37188.16169.52185.97206.60229.51254.97283.25
Capital Expenditure -2.25-5.37-6.15-19.64-8.53-10.92-12.13-13.48-14.97-16.64
Free Cash Flow 94.44106.26110.22168.52161175.05194.47216.04240266.62
WACC
PV LFCF 152.52158.17164.01170.08176.37
SUM PV LFCF 879.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.13
Free cash flow (t + 1) 271.95
Terminal Value 5,301.14
Present Value of Terminal Value 3,756.77

Intrinsic Value

Enterprise Value 4,636.46
Net Debt 181.40
Equity Value 4,455.07
Shares Outstanding 53.67
Equity Value Per Share 83.00