Discounted Cash Flow (DCF) Analysis Levered

Heska Corporation (HSKA)

$74.31

-1.47 (-1.94%)
All numbers are in Millions, Currency in USD
Stock DCF: 34.05 | 74.31 | overvalue

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 129.34127.45122.66197.32253.74307.18371.87450.18544.99659.76
Revenue (%)
Operating Cash Flow 10.4113.293.30-0.666.2514.3117.3220.9725.3930.73
Operating Cash Flow (%)
Capital Expenditure -3.47-4.11-1.04-0.69-1.77-4.79-5.80-7.02-8.50-10.29
Capital Expenditure (%)
Free Cash Flow 6.949.182.25-1.344.489.5211.5213.9516.8820.44

Weighted Average Cost Of Capital

Share price $ 74.31
Beta 1.462
Diluted Shares Outstanding 10.02
Cost of Debt
Tax Rate 66.64
After-tax Cost of Debt 1.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.864
Total Debt 105.67
Total Equity 744.21
Total Capital 849.88
Debt Weighting 12.43
Equity Weighting 87.57
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 129.34127.45122.66197.32253.74307.18371.87450.18544.99659.76
Operating Cash Flow 10.4113.293.30-0.666.2514.3117.3220.9725.3930.73
Capital Expenditure -3.47-4.11-1.04-0.69-1.77-4.79-5.80-7.02-8.50-10.29
Free Cash Flow 6.949.182.25-1.344.489.5211.5213.9516.8820.44
WACC
PV LFCF 8.679.5710.5611.6512.85
SUM PV LFCF 53.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.72
Free cash flow (t + 1) 20.85
Terminal Value 270.04
Present Value of Terminal Value 169.82

Intrinsic Value

Enterprise Value 223.12
Net Debt -117.90
Equity Value 341.03
Shares Outstanding 10.02
Equity Value Per Share 34.05