Discounted Cash Flow (DCF) Analysis Levered
Hercules Capital, Inc. (HTGC)
$14.7
+0.10 (+0.68%)
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 | 136.09 | 243.60 | 297.77 | 255.13 | 307.26 | 389.72 | 494.32 | 626.99 | 795.27 | 1,008.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -248.97 | -240.66 | 207.80 | 128.62 | -424.80 | -233.68 | -296.40 | -375.95 | -476.85 | -604.83 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.48 | -0.60 | -0.14 | -0.11 | -0.52 | -0.66 | -0.84 | -1.07 | -1.35 | -1.72 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -249.45 | -241.26 | 207.67 | 128.51 | -425.32 | -234.34 | -297.24 | -377.01 | -478.20 | -606.54 |
Weighted Average Cost Of Capital
| Share price | $ 14.7 |
|---|---|
| Beta | 1.388 |
| Diluted Shares Outstanding | 126.66 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.245 |
| Total Debt | 5.51 |
| Total Equity | 1,861.89 |
| Total Capital | 1,867.39 |
| Debt Weighting | 0.29 |
| Equity Weighting | 99.71 |
| 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 | 136.09 | 243.60 | 297.77 | 255.13 | 307.26 | 389.72 | 494.32 | 626.99 | 795.27 | 1,008.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -248.97 | -240.66 | 207.80 | 128.62 | -424.80 | -233.68 | -296.40 | -375.95 | -476.85 | -604.83 |
| Capital Expenditure | -0.48 | -0.60 | -0.14 | -0.11 | -0.52 | -0.66 | -0.84 | -1.07 | -1.35 | -1.72 |
| Free Cash Flow | -249.45 | -241.26 | 207.67 | 128.51 | -425.32 | -234.34 | -297.24 | -377.01 | -478.20 | -606.54 |
| WACC | ||||||||||
| PV LFCF | -212.59 | -244.63 | -281.49 | -323.90 | -372.70 | |||||
| SUM PV LFCF | -1,435.31 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.23 |
| Free cash flow (t + 1) | -618.67 |
| Terminal Value | -7,517.31 |
| Present Value of Terminal Value | -4,619.17 |
Intrinsic Value
| Enterprise Value | -6,054.48 |
|---|---|
| Net Debt | -10.29 |
| Equity Value | -6,044.18 |
| Shares Outstanding | 126.66 |
| Equity Value Per Share | -47.72 |