Discounted Cash Flow (DCF) Analysis Levered
Norwegian Cruise Line Holdings Ltd. (NCLH)
$12.52
-0.05 (-0.40%)
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 | 6,055.13 | 6,462.38 | 1,279.91 | 647.99 | 4,843.76 | 11,197.18 | 25,884.22 | 59,835.81 | 138,320.77 | 319,752.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,075.17 | 1,822.61 | -2,556.24 | -2,468.01 | 210.02 | -11,505.87 | -26,597.80 | -61,485.38 | -142,134.03 | -328,567.25 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,566.80 | -1,637.17 | -946.54 | -752.84 | -1,783.86 | -6,229.52 | -14,400.60 | -33,289.47 | -76,954.34 | -177,893.18 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 508.37 | 185.44 | -3,502.79 | -3,220.85 | -1,573.84 | -17,735.39 | -40,998.40 | -94,774.85 | -219,088.37 | -506,460.42 |
Weighted Average Cost Of Capital
| Share price | $ 12.52 |
|---|---|
| Beta | 2.510 |
| Diluted Shares Outstanding | 419.77 |
| Cost of Debt | |
| Tax Rate | 0.30 |
| After-tax Cost of Debt | 5.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 15.347 |
| Total Debt | 13,621.53 |
| Total Equity | 5,255.56 |
| Total Capital | 18,877.09 |
| Debt Weighting | 72.16 |
| Equity Weighting | 27.84 |
| 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 | 6,055.13 | 6,462.38 | 1,279.91 | 647.99 | 4,843.76 | 11,197.18 | 25,884.22 | 59,835.81 | 138,320.77 | 319,752.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,075.17 | 1,822.61 | -2,556.24 | -2,468.01 | 210.02 | -11,505.87 | -26,597.80 | -61,485.38 | -142,134.03 | -328,567.25 |
| Capital Expenditure | -1,566.80 | -1,637.17 | -946.54 | -752.84 | -1,783.86 | -6,229.52 | -14,400.60 | -33,289.47 | -76,954.34 | -177,893.18 |
| Free Cash Flow | 508.37 | 185.44 | -3,502.79 | -3,220.85 | -1,573.84 | -17,735.39 | -40,998.40 | -94,774.85 | -219,088.37 | -506,460.42 |
| WACC | ||||||||||
| PV LFCF | -16,345.98 | -34,826.31 | -74,200 | -158,088.53 | -336,819.19 | |||||
| SUM PV LFCF | -620,280.01 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.50 |
| Free cash flow (t + 1) | -516,589.63 |
| Terminal Value | -7,947,532.79 |
| Present Value of Terminal Value | -5,285,470.31 |
Intrinsic Value
| Enterprise Value | -5,905,750.32 |
|---|---|
| Net Debt | 12,674.54 |
| Equity Value | -5,918,424.86 |
| Shares Outstanding | 419.77 |
| Equity Value Per Share | -14,099.10 |