Discounted Cash Flow (DCF) Analysis Levered
Horizon Technology Finance Corporat... (HRZN)
$11.62
+0.24 (+2.11%)
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 | 14.90 | 21.30 | 10.33 | 33.27 | 26.64 | 39.53 | 58.66 | 87.04 | 129.14 | 191.63 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -12.06 | -51.41 | -25.28 | -75.99 | -246.28 | -135.97 | -201.76 | -299.37 | -444.20 | -659.11 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | -135.97 | -201.76 | -299.37 | -444.20 | -659.11 |
Weighted Average Cost Of Capital
Share price | $ 11.62 |
---|---|
Beta | 1.159 |
Diluted Shares Outstanding | 24.73 |
Cost of Debt | |
Tax Rate | 3.27 |
After-tax Cost of Debt | 4.28% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.098 |
Total Debt | 434.08 |
Total Equity | 287.32 |
Total Capital | 721.40 |
Debt Weighting | 60.17 |
Equity Weighting | 39.83 |
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 | 14.90 | 21.30 | 10.33 | 33.27 | 26.64 | 39.53 | 58.66 | 87.04 | 129.14 | 191.63 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -12.06 | -51.41 | -25.28 | -75.99 | -246.28 | -135.97 | -201.76 | -299.37 | -444.20 | -659.11 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | -135.97 | -201.76 | -299.37 | -444.20 | -659.11 |
WACC | ||||||||||
PV LFCF | -127.57 | -177.58 | -247.20 | -344.12 | -479.04 | |||||
SUM PV LFCF | -1,375.52 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.59 |
Free cash flow (t + 1) | -672.29 |
Terminal Value | -14,646.90 |
Present Value of Terminal Value | -10,645.43 |
Intrinsic Value
Enterprise Value | -12,020.95 |
---|---|
Net Debt | 413.47 |
Equity Value | -12,434.42 |
Shares Outstanding | 24.73 |
Equity Value Per Share | -502.89 |