Discounted Cash Flow (DCF) Analysis Levered

Höegh LNG Partners LP (HMLP)

$9.24

+0.01 (+0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 45.31 | 9.24 | undervalue

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 143.53146.56145.44143.09141.26140.71140.17139.63139.09138.55
Revenue (%)
Operating Cash Flow 81.0691.6885.2585.8279.2682.6682.3482.0281.7181.39
Operating Cash Flow (%)
Capital Expenditure -0.02-0.75-0.27-0.01-0.25-0.25-0.25-0.25-0.25-0.25
Capital Expenditure (%)
Free Cash Flow 81.0490.9384.9885.827982.4182.0981.7881.4681.14

Weighted Average Cost Of Capital

Share price $ 9.24
Beta 1.384
Diluted Shares Outstanding 33.70
Cost of Debt
Tax Rate 42.43
After-tax Cost of Debt 2.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.223
Total Debt 411.08
Total Equity 311.41
Total Capital 722.49
Debt Weighting 56.90
Equity Weighting 43.10
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 143.53146.56145.44143.09141.26140.71140.17139.63139.09138.55
Operating Cash Flow 81.0691.6885.2585.8279.2682.6682.3482.0281.7181.39
Capital Expenditure -0.02-0.75-0.27-0.01-0.25-0.25-0.25-0.25-0.25-0.25
Free Cash Flow 81.0490.9384.9885.827982.4182.0981.7881.4681.14
WACC
PV LFCF 77.7573.0868.6864.5560.66
SUM PV LFCF 344.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) 82.77
Terminal Value 2,074.34
Present Value of Terminal Value 1,550.80

Intrinsic Value

Enterprise Value 1,895.52
Net Debt 368.56
Equity Value 1,526.97
Shares Outstanding 33.70
Equity Value Per Share 45.31