Discounted Cash Flow (DCF) Analysis Levered
HealthEquity, Inc. (HQY)
$57.14
-1.12 (-1.92%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 287.24 | 531.99 | 733.57 | 756.56 | 861.75 | 1,163.65 | 1,571.32 | 2,121.81 | 2,865.17 | 3,868.94 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 113.42 | 105.01 | 181.62 | 140.99 | 150.65 | 279.51 | 377.44 | 509.67 | 688.22 | 929.33 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -15.04 | -42.07 | -96.96 | -137.08 | -48.54 | -116.63 | -157.50 | -212.67 | -287.18 | -387.79 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 98.38 | 62.94 | 84.65 | 3.91 | 102.11 | 162.88 | 219.94 | 297 | 401.04 | 541.54 |
Weighted Average Cost Of Capital
Share price | $ 57.14 |
---|---|
Beta | 0.797 |
Diluted Shares Outstanding | 84.44 |
Cost of Debt | |
Tax Rate | -31.38 |
After-tax Cost of Debt | 4.87% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.260 |
Total Debt | 994.49 |
Total Equity | 4,825.02 |
Total Capital | 5,819.50 |
Debt Weighting | 17.09 |
Equity Weighting | 82.91 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 287.24 | 531.99 | 733.57 | 756.56 | 861.75 | 1,163.65 | 1,571.32 | 2,121.81 | 2,865.17 | 3,868.94 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 113.42 | 105.01 | 181.62 | 140.99 | 150.65 | 279.51 | 377.44 | 509.67 | 688.22 | 929.33 |
Capital Expenditure | -15.04 | -42.07 | -96.96 | -137.08 | -48.54 | -116.63 | -157.50 | -212.67 | -287.18 | -387.79 |
Free Cash Flow | 98.38 | 62.94 | 84.65 | 3.91 | 102.11 | 162.88 | 219.94 | 297 | 401.04 | 541.54 |
WACC | ||||||||||
PV LFCF | 152.44 | 192.65 | 243.46 | 307.68 | 388.83 | |||||
SUM PV LFCF | 1,285.05 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.85 |
Free cash flow (t + 1) | 552.38 |
Terminal Value | 11,389.18 |
Present Value of Terminal Value | 8,177.49 |
Intrinsic Value
Enterprise Value | 9,462.54 |
---|---|
Net Debt | 740.22 |
Equity Value | 8,722.32 |
Shares Outstanding | 84.44 |
Equity Value Per Share | 103.29 |