Discounted Cash Flow (DCF) Analysis Levered

Helix Energy Solutions Group, Inc. (HLX)

$9.32

+0.11 (+1.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.02 | 9.32 | overvalue

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 739.82751.91733.55674.73873.10918.01965.231,014.871,067.071,121.96
Revenue (%)
Operating Cash Flow 196.74169.6798.80140.1251.11163.86172.29181.15190.47200.26
Operating Cash Flow (%)
Capital Expenditure -137.08-140.85-20.24-8.32-33.50-82.79-87.05-91.53-96.23-101.18
Capital Expenditure (%)
Free Cash Flow 59.6628.8278.56131.7917.6081.0785.2489.6294.2399.08

Weighted Average Cost Of Capital

Share price $ 9.32
Beta 2.765
Diluted Shares Outstanding 151.28
Cost of Debt
Tax Rate -16.76
After-tax Cost of Debt 4.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.277
Total Debt 469.68
Total Equity 1,409.89
Total Capital 1,879.57
Debt Weighting 24.99
Equity Weighting 75.01
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 739.82751.91733.55674.73873.10918.01965.231,014.871,067.071,121.96
Operating Cash Flow 196.74169.6798.80140.1251.11163.86172.29181.15190.47200.26
Capital Expenditure -137.08-140.85-20.24-8.32-33.50-82.79-87.05-91.53-96.23-101.18
Free Cash Flow 59.6628.8278.56131.7917.6081.0785.2489.6294.2399.08
WACC
PV LFCF 71.1065.5760.4655.7551.41
SUM PV LFCF 304.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.02
Free cash flow (t + 1) 101.06
Terminal Value 840.78
Present Value of Terminal Value 436.29

Intrinsic Value

Enterprise Value 740.59
Net Debt 283.07
Equity Value 457.51
Shares Outstanding 151.28
Equity Value Per Share 3.02