Discounted Cash Flow (DCF) Analysis Levered

NACCO Industries, Inc. (NC)

$33.87

-1.22 (-3.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 140.41 | 33.87 | undervalue

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 135.38140.99128.43191.85241.72284.39334.59393.66463.15544.92
Revenue (%)
Operating Cash Flow 54.6252.78-2.4974.8767.7481.2895.63112.51132.37155.74
Operating Cash Flow (%)
Capital Expenditure -20.93-24.66-30.19-39.23-42.52-53.75-63.24-74.40-87.54-102.99
Capital Expenditure (%)
Free Cash Flow 33.6928.12-32.6735.6525.2127.5332.3938.1144.8452.75

Weighted Average Cost Of Capital

Share price $ 33.87
Beta 0.861
Diluted Shares Outstanding 7.37
Cost of Debt
Tax Rate 15.46
After-tax Cost of Debt 6.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.315
Total Debt 27.20
Total Equity 249.72
Total Capital 276.92
Debt Weighting 9.82
Equity Weighting 90.18
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 135.38140.99128.43191.85241.72284.39334.59393.66463.15544.92
Operating Cash Flow 54.6252.78-2.4974.8767.7481.2895.63112.51132.37155.74
Capital Expenditure -20.93-24.66-30.19-39.23-42.52-53.75-63.24-74.40-87.54-102.99
Free Cash Flow 33.6928.12-32.6735.6525.2127.5332.3938.1144.8452.75
WACC
PV LFCF 17.2318.7520.4122.2124.16
SUM PV LFCF 151.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.12
Free cash flow (t + 1) 54.60
Terminal Value 1,181.76
Present Value of Terminal Value 799.83

Intrinsic Value

Enterprise Value 951.67
Net Debt -83.55
Equity Value 1,035.22
Shares Outstanding 7.37
Equity Value Per Share 140.41