Discounted Cash Flow (DCF) Analysis Levered
Harrow Health, Inc. (HROW)
$14.8
+0.74 (+5.26%)
All numbers are in Millions, Currency in USD
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 | 41.37 | 51.16 | 48.87 | 72.48 | 88.59 | 108.47 | 132.80 | 162.59 | 199.06 | 243.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 0.69 | 0.95 | -1.10 | 5.08 | 1.71 | 2.21 | 2.71 | 3.32 | 4.06 | 4.97 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2.20 | -1.84 | -0.99 | -28.51 | -7.77 | -12.81 | -15.69 | -19.21 | -23.51 | -28.79 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1.52 | -0.89 | -2.09 | -23.43 | -6.07 | -10.60 | -12.98 | -15.89 | -19.45 | -23.82 |
Weighted Average Cost Of Capital
| Share price | $ 14.8 |
|---|---|
| Beta | 0.214 |
| Diluted Shares Outstanding | 27.46 |
| Cost of Debt | |
| Tax Rate | -0.54 |
| After-tax Cost of Debt | 6.95% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.552 |
| Total Debt | 104.17 |
| Total Equity | 406.42 |
| Total Capital | 510.60 |
| Debt Weighting | 20.40 |
| Equity Weighting | 79.60 |
| 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 | 41.37 | 51.16 | 48.87 | 72.48 | 88.59 | 108.47 | 132.80 | 162.59 | 199.06 | 243.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 0.69 | 0.95 | -1.10 | 5.08 | 1.71 | 2.21 | 2.71 | 3.32 | 4.06 | 4.97 |
| Capital Expenditure | -2.20 | -1.84 | -0.99 | -28.51 | -7.77 | -12.81 | -15.69 | -19.21 | -23.51 | -28.79 |
| Free Cash Flow | -1.52 | -0.89 | -2.09 | -23.43 | -6.07 | -10.60 | -12.98 | -15.89 | -19.45 | -23.82 |
| WACC | ||||||||||
| PV LFCF | -10.01 | -11.58 | -13.40 | -15.50 | -17.93 | |||||
| SUM PV LFCF | -68.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.84 |
| Free cash flow (t + 1) | -24.29 |
| Terminal Value | -632.61 |
| Present Value of Terminal Value | -476.31 |
Intrinsic Value
| Enterprise Value | -544.74 |
|---|---|
| Net Debt | 7.90 |
| Equity Value | -552.64 |
| Shares Outstanding | 27.46 |
| Equity Value Per Share | -20.12 |