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
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 | 5,396.18 | 6,055.13 | 6,462.38 | 1,279.91 | 647.99 | 468.77 | 339.12 | 245.33 | 177.48 | 128.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,585.74 | 2,075.17 | 1,822.61 | -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 | 213.53 | 508.37 | 185.44 | -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 | 5,396.18 | 6,055.13 | 6,462.38 | 1,279.91 | 647.99 | 468.77 | 339.12 | 245.33 | 177.48 | 128.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,585.74 | 2,075.17 | 1,822.61 | -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 | 213.53 | 508.37 | 185.44 | -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 |