Discounted Cash Flow (DCF) Analysis Levered

Helix Energy Solutions Group, Inc. (HLX)

$7.81

+0.03 (+0.39%)

All numbers are in Millions, Currency in USD

Stock DCF: -0.09 | 7.81 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	581.38	739.82	751.91	733.56	674.73	705.81	738.32	772.33	807.91	845.12
Revenue (%)
Operating Cash Flow	51.64	196.74	169.67	98.80	140.12	130.26	136.26	142.53	149.10	155.97
Operating Cash Flow (%)
Capital Expenditure	-231.13	-137.08	-140.85	-20.24	-8.32	-114.35	-119.62	-125.13	-130.90	-136.93
Capital Expenditure (%)
Free Cash Flow	-179.49	59.66	28.82	78.56	131.79	15.90	16.64	17.40	18.20	19.04

Weighted Average Cost Of Capital

Share price	$ 7.81
Beta	2.881
Diluted Shares Outstanding	150.06
Cost of Debt
Tax Rate	12.89
After-tax Cost of Debt	4.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity	17.148
Total Debt	410.95
Total Equity	1,171.94
Total Capital	1,582.88
Debt Weighting	25.96
Equity Weighting	74.04
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	581.38	739.82	751.91	733.56	674.73	705.81	738.32	772.33	807.91	845.12
Operating Cash Flow	51.64	196.74	169.67	98.80	140.12	130.26	136.26	142.53	149.10	155.97
Capital Expenditure	-231.13	-137.08	-140.85	-20.24	-8.32	-114.35	-119.62	-125.13	-130.90	-136.93
Free Cash Flow	-179.49	59.66	28.82	78.56	131.79	15.90	16.64	17.40	18.20	19.04
WACC
PV LFCF						13.95	12.80	11.75	10.78	9.89
SUM PV LFCF										59.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	13.99
Free cash flow (t + 1)	19.42
Terminal Value	161.99
Present Value of Terminal Value	84.17

Intrinsic Value

Enterprise Value	143.35
Net Debt	157.43
Equity Value	-14.08
Shares Outstanding	150.06
Equity Value Per Share	-0.09