Discounted Cash Flow (DCF) Analysis Levered
Lindblad Expeditions Holdings, Inc. (LIND)
$7.24
-0.51 (-6.52%)
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 | 309.73 | 343.09 | 82.36 | 147.11 | 421.50 | 632.17 | 948.13 | 1,422.02 | 2,132.75 | 3,198.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 56.36 | 62.58 | -92.26 | 32.50 | -2.20 | -68.30 | -102.43 | -153.63 | -230.42 | -345.58 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -54.35 | -96 | -155.48 | -96.69 | -38.21 | -390.82 | -586.15 | -879.11 | -1,318.49 | -1,977.49 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2.01 | -33.42 | -247.74 | -64.19 | -40.41 | -459.11 | -688.58 | -1,032.74 | -1,548.91 | -2,323.07 |
Weighted Average Cost Of Capital
| Share price | $ 7.24 |
|---|---|
| Beta | 2.432 |
| Diluted Shares Outstanding | 52.02 |
| Cost of Debt | |
| Tax Rate | -5.95 |
| After-tax Cost of Debt | 6.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 15.918 |
| Total Debt | 557.41 |
| Total Equity | 376.62 |
| Total Capital | 934.03 |
| Debt Weighting | 59.68 |
| Equity Weighting | 40.32 |
| 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 | 309.73 | 343.09 | 82.36 | 147.11 | 421.50 | 632.17 | 948.13 | 1,422.02 | 2,132.75 | 3,198.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 56.36 | 62.58 | -92.26 | 32.50 | -2.20 | -68.30 | -102.43 | -153.63 | -230.42 | -345.58 |
| Capital Expenditure | -54.35 | -96 | -155.48 | -96.69 | -38.21 | -390.82 | -586.15 | -879.11 | -1,318.49 | -1,977.49 |
| Free Cash Flow | 2.01 | -33.42 | -247.74 | -64.19 | -40.41 | -459.11 | -688.58 | -1,032.74 | -1,548.91 | -2,323.07 |
| WACC | ||||||||||
| PV LFCF | -415.75 | -564.65 | -766.88 | -1,041.55 | -1,414.58 | |||||
| SUM PV LFCF | -4,203.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.43 |
| Free cash flow (t + 1) | -2,369.53 |
| Terminal Value | -28,108.34 |
| Present Value of Terminal Value | -17,115.91 |
Intrinsic Value
| Enterprise Value | -21,319.32 |
|---|---|
| Net Debt | 470.24 |
| Equity Value | -21,789.56 |
| Shares Outstanding | 52.02 |
| Equity Value Per Share | -418.88 |