Discounted Cash Flow (DCF) Analysis Levered

Lindblad Expeditions Holdings, Inc. (LIND)

$8.5

+0.07 (+0.83%)
All numbers are in Millions, Currency in USD
Stock DCF: -50.86 | 8.5 | 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 266.50309.73343.0982.36147.11158169.70182.26195.76210.26
Revenue (%)
Operating Cash Flow 52.9256.3662.58-92.2632.50-10.63-11.42-12.26-13.17-14.15
Operating Cash Flow (%)
Capital Expenditure -80.48-54.34-96-155.48-96.69-104.36-112.08-120.38-129.30-138.87
Capital Expenditure (%)
Free Cash Flow -27.572.01-33.42-247.74-64.19-114.99-123.50-132.65-142.47-153.02

Weighted Average Cost Of Capital

Share price $ 8.5
Beta 2.089
Diluted Shares Outstanding 50.11
Cost of Debt
Tax Rate 1.63
After-tax Cost of Debt 4.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.566
Total Debt 549.45
Total Equity 425.94
Total Capital 975.39
Debt Weighting 56.33
Equity Weighting 43.67
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 266.50309.73343.0982.36147.11158169.70182.26195.76210.26
Operating Cash Flow 52.9256.3662.58-92.2632.50-10.63-11.42-12.26-13.17-14.15
Capital Expenditure -80.48-54.34-96-155.48-96.69-104.36-112.08-120.38-129.30-138.87
Free Cash Flow -27.572.01-33.42-247.74-64.19-114.99-123.50-132.65-142.47-153.02
WACC
PV LFCF -106.08-105.10-104.14-103.18-102.23
SUM PV LFCF -520.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.40
Free cash flow (t + 1) -156.08
Terminal Value -2,438.70
Present Value of Terminal Value -1,629.34

Intrinsic Value

Enterprise Value -2,150.07
Net Debt 398.70
Equity Value -2,548.77
Shares Outstanding 50.11
Equity Value Per Share -50.86