Discounted Cash Flow (DCF) Analysis Levered

Horizon Global Corporation (HZN)

$1.74

+0.02 (+1.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.69 | 1.74 | undervalue

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 892.98849.95690.45661.23782.12763.48745.28727.52710.18693.25
Revenue (%)
Operating Cash Flow 14.16-70.50-57.0538.59-42.70-22.29-21.75-21.24-20.73-20.24
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 -13.13-84.37-66.7725.28-63.16-38.66-37.74-36.84-35.96-35.11

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 892.98849.95690.45661.23782.12763.48745.28727.52710.18693.25
Operating Cash Flow 14.16-70.50-57.0538.59-42.70-22.29-21.75-21.24-20.73-20.24
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 -13.13-84.37-66.7725.28-63.16-38.66-37.74-36.84-35.96-35.11
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