Discounted Cash Flow (DCF) Analysis Levered

Norwegian Cruise Line Holdings Ltd. (NCLH)

$16.27

-0.30 (-1.81%)
All numbers are in Millions, Currency in USD
Stock DCF: -35.74 | 16.27 | 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 5,396.186,055.136,462.381,279.91647.99468.77339.12245.33177.48128.39
Revenue (%)
Operating Cash Flow 1,585.742,075.171,822.61-2,556.24-2,468.01-458.21-331.48-239.80-173.48-125.50
Operating Cash Flow (%)
Capital Expenditure -1,372.21-1,566.80-1,637.17-946.54-752.84-250.11-180.94-130.89-94.69-68.50
Capital Expenditure (%)
Free Cash Flow 213.53508.37185.44-3,502.79-3,220.85-708.32-512.42-370.69-268.17-194

Weighted Average Cost Of Capital

Share price $ 16.27
Beta 2.471
Diluted Shares Outstanding 365.45
Cost of Debt
Tax Rate -0.12
After-tax Cost of Debt 16.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.275
Total Debt 12,446.59
Total Equity 5,945.87
Total Capital 18,392.46
Debt Weighting 67.67
Equity Weighting 32.33
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 5,396.186,055.136,462.381,279.91647.99468.77339.12245.33177.48128.39
Operating Cash Flow 1,585.742,075.171,822.61-2,556.24-2,468.01-458.21-331.48-239.80-173.48-125.50
Capital Expenditure -1,372.21-1,566.80-1,637.17-946.54-752.84-250.11-180.94-130.89-94.69-68.50
Free Cash Flow 213.53508.37185.44-3,502.79-3,220.85-708.32-512.42-370.69-268.17-194
WACC
PV LFCF -287.59-179.03-111.45-69.38-43.19
SUM PV LFCF -1,463.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.21
Free cash flow (t + 1) -197.88
Terminal Value -1,392.55
Present Value of Terminal Value -657.04

Intrinsic Value

Enterprise Value -2,120.77
Net Debt 10,939.94
Equity Value -13,060.71
Shares Outstanding 365.45
Equity Value Per Share -35.74