Discounted Cash Flow (DCF) Analysis Levered
Horizon Technology Finance Corporat... (HRZN)
$11.66
-1.61 (-12.13%)
All numbers are in Millions, Currency in USD
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 | 12.40 | 14.90 | 21.30 | 10.33 | 33.27 | 52.69 | 83.46 | 132.18 | 209.37 | 331.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -14.84 | -12.06 | -51.41 | -25.28 | -75.99 | -96.43 | -152.73 | -241.91 | -383.15 | -606.88 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | -96.43 | -152.73 | -241.91 | -383.15 | -606.88 |
Weighted Average Cost Of Capital
| Share price | $ 11.66 |
|---|---|
| Beta | 1.156 |
| Diluted Shares Outstanding | 20.03 |
| Cost of Debt | |
| Tax Rate | 1.42 |
| After-tax Cost of Debt | 4.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.093 |
| Total Debt | 257.61 |
| Total Equity | 233.52 |
| Total Capital | 491.13 |
| Debt Weighting | 52.45 |
| Equity Weighting | 47.55 |
| 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 | 12.40 | 14.90 | 21.30 | 10.33 | 33.27 | 52.69 | 83.46 | 132.18 | 209.37 | 331.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -14.84 | -12.06 | -51.41 | -25.28 | -75.99 | -96.43 | -152.73 | -241.91 | -383.15 | -606.88 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | -96.43 | -152.73 | -241.91 | -383.15 | -606.88 |
| WACC | ||||||||||
| PV LFCF | -90.34 | -134.05 | -198.91 | -295.17 | -437.99 | |||||
| SUM PV LFCF | -1,156.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.74 |
| Free cash flow (t + 1) | -619.01 |
| Terminal Value | -13,059.37 |
| Present Value of Terminal Value | -9,425.10 |
Intrinsic Value
| Enterprise Value | -10,581.56 |
|---|---|
| Net Debt | 219.56 |
| Equity Value | -10,801.12 |
| Shares Outstanding | 20.03 |
| Equity Value Per Share | -539.32 |