Discounted Cash Flow (DCF) Analysis Levered

Newpark Resources, Inc. (NR)

$2.96

+0.32 (+12.12%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.10 | 2.96 | 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 747.76946.55820.12492.62614.78611.85608.93606.02603.13600.25
Revenue (%)
Operating Cash Flow 38.3863.4072.2955.79-3.0138.5238.3438.1637.9737.79
Operating Cash Flow (%)
Capital Expenditure -31.37-45.14-44.81-15.79-21.79-25.92-25.79-25.67-25.55-25.43
Capital Expenditure (%)
Free Cash Flow 7.0118.2627.4840-24.8112.6112.5512.4912.4312.37

Weighted Average Cost Of Capital

Share price $ 2.96
Beta 2.922
Diluted Shares Outstanding 90.20
Cost of Debt
Tax Rate -40.00
After-tax Cost of Debt 6.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.672
Total Debt 137.16
Total Equity 266.99
Total Capital 404.14
Debt Weighting 33.94
Equity Weighting 66.06
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 747.76946.55820.12492.62614.78611.85608.93606.02603.13600.25
Operating Cash Flow 38.3863.4072.2955.79-3.0138.5238.3438.1637.9737.79
Capital Expenditure -31.37-45.14-44.81-15.79-21.79-25.92-25.79-25.67-25.55-25.43
Free Cash Flow 7.0118.2627.4840-24.8112.6112.5512.4912.4312.37
WACC
PV LFCF 5.995.274.634.073.58
SUM PV LFCF 43.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.19
Free cash flow (t + 1) 12.61
Terminal Value 112.73
Present Value of Terminal Value 60.67

Intrinsic Value

Enterprise Value 104.44
Net Debt 113.07
Equity Value -8.63
Shares Outstanding 90.20
Equity Value Per Share -0.10