Discounted Cash Flow (DCF) Analysis Levered

Norwegian Cruise Line Holdings Ltd. (NCLH)

$19.09

+3.16 (+19.84%)
All numbers are in Millions, Currency in USD
Stock DCF: -12.63 | 19.09 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 6,462.381,279.91647.994,843.768,549.9221,256.3452,846.29131,383.44326,638.05812,068.94
Revenue (%)
Operating Cash Flow 1,822.60-2,556.24-2,468.01210.022,005.71-22,302-55,445.97-137,846.61-342,706.41-852,017.18
Operating Cash Flow (%)
Capital Expenditure -1,637.17-946.55-752.84-1,783.86-2,750.36-12,093.42-30,065.97-74,748.30-185,834.97-462,012.33
Capital Expenditure (%)
Free Cash Flow 185.43-3,502.79-3,220.85-1,573.84-744.65-34,395.42-85,511.94-212,594.91-528,541.38-1,314,029.51

Weighted Average Cost Of Capital

Share price $ 19.09
Beta 2.602
Diluted Shares Outstanding 427,400.85
Cost of Debt
Tax Rate -1.84
After-tax Cost of Debt 5.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.603
Total Debt 13,621.53
Total Equity 8,159,082.21
Total Capital 8,172,703.74
Debt Weighting 0.17
Equity Weighting 99.83
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 6,462.381,279.91647.994,843.768,549.9221,256.3452,846.29131,383.44326,638.05812,068.94
Operating Cash Flow 1,822.60-2,556.24-2,468.01210.022,005.71-22,302-55,445.97-137,846.61-342,706.41-852,017.18
Capital Expenditure -1,637.17-946.55-752.84-1,783.86-2,750.36-12,093.42-30,065.97-74,748.30-185,834.97-462,012.33
Free Cash Flow 185.43-3,502.79-3,220.85-1,573.84-744.65-34,395.42-85,511.94-212,594.91-528,541.38-1,314,029.51
WACC
PV LFCF -29,501.17-62,907.75-134,143.29-286,044.62-609,956.14
SUM PV LFCF -1,122,552.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.59
Free cash flow (t + 1) -1,340,310.10
Terminal Value -9,186,498.28
Present Value of Terminal Value -4,264,258.13

Intrinsic Value

Enterprise Value -5,386,811.10
Net Debt 12,674.54
Equity Value -5,399,485.65
Shares Outstanding 427,400.85
Equity Value Per Share -12.63