Discounted Cash Flow (DCF) Analysis Levered
Horizon Global Corporation (HZN)
$1.74
+0.02 (+1.16%)
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 | 892.98 | 849.95 | 690.45 | 661.23 | 782.12 | 763.48 | 745.28 | 727.52 | 710.18 | 693.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 14.16 | -70.50 | -57.05 | 38.59 | -42.70 | -22.29 | -21.75 | -21.24 | -20.73 | -20.24 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -27.29 | -13.87 | -9.72 | -13.31 | -20.46 | -16.38 | -15.99 | -15.60 | -15.23 | -14.87 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -13.13 | -84.37 | -66.77 | 25.28 | -63.16 | -38.66 | -37.74 | -36.84 | -35.96 | -35.11 |
Weighted Average Cost Of Capital
| Share price | $ 1.74 |
|---|---|
| Beta | 1.835 |
| Diluted Shares Outstanding | 27.29 |
| Cost of Debt | |
| Tax Rate | 0.48 |
| After-tax Cost of Debt | -7.92% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.194 |
| Total Debt | 351.57 |
| Total Equity | 47.48 |
| Total Capital | 399.05 |
| Debt Weighting | 88.10 |
| Equity Weighting | 11.90 |
| 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 | 892.98 | 849.95 | 690.45 | 661.23 | 782.12 | 763.48 | 745.28 | 727.52 | 710.18 | 693.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 14.16 | -70.50 | -57.05 | 38.59 | -42.70 | -22.29 | -21.75 | -21.24 | -20.73 | -20.24 |
| Capital Expenditure | -27.29 | -13.87 | -9.72 | -13.31 | -20.46 | -16.38 | -15.99 | -15.60 | -15.23 | -14.87 |
| Free Cash Flow | -13.13 | -84.37 | -66.77 | 25.28 | -63.16 | -38.66 | -37.74 | -36.84 | -35.96 | -35.11 |
| WACC | ||||||||||
| PV LFCF | -40.93 | -42.29 | -43.70 | -45.15 | -46.66 | |||||
| SUM PV LFCF | -218.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -5.53 |
| Free cash flow (t + 1) | -35.81 |
| Terminal Value | 475.54 |
| Present Value of Terminal Value | 631.99 |
Intrinsic Value
| Enterprise Value | 413.28 |
|---|---|
| Net Debt | 339.79 |
| Equity Value | 73.49 |
| Shares Outstanding | 27.29 |
| Equity Value Per Share | 2.69 |