Discounted Cash Flow (DCF) Analysis Levered
The New Home Company Inc. (NWHM)
$8.99
+0.01 (+0.06%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 694.46 | 751.17 | 667.57 | 669.35 | 507.41 | 473.30 | 441.48 | 411.81 | 384.12 | 358.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -42.42 | -90.70 | -139.69 | 121.26 | 93.08 | -2.51 | -2.34 | -2.18 | -2.03 | -1.90 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.44 | -0.20 | -0.25 | -0.04 | -0.29 | -0.18 | -0.17 | -0.16 | -0.15 | -0.14 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -42.85 | -90.90 | -139.93 | 121.22 | 92.79 | -2.68 | -2.50 | -2.34 | -2.18 | -2.03 |
Weighted Average Cost Of Capital
| Share price | $ 8.99 |
|---|---|
| Beta | 2.605 |
| Diluted Shares Outstanding | 18.23 |
| Cost of Debt | |
| Tax Rate | 44.80 |
| After-tax Cost of Debt | 2.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.518 |
| Total Debt | 489.73 |
| Total Equity | 163.91 |
| Total Capital | 653.64 |
| Debt Weighting | 74.92 |
| Equity Weighting | 25.08 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 694.46 | 751.17 | 667.57 | 669.35 | 507.41 | 473.30 | 441.48 | 411.81 | 384.12 | 358.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -42.42 | -90.70 | -139.69 | 121.26 | 93.08 | -2.51 | -2.34 | -2.18 | -2.03 | -1.90 |
| Capital Expenditure | -0.44 | -0.20 | -0.25 | -0.04 | -0.29 | -0.18 | -0.17 | -0.16 | -0.15 | -0.14 |
| Free Cash Flow | -42.85 | -90.90 | -139.93 | 121.22 | 92.79 | -2.68 | -2.50 | -2.34 | -2.18 | -2.03 |
| WACC | ||||||||||
| PV LFCF | -2.14 | -1.88 | -1.66 | -1.46 | -1.29 | |||||
| SUM PV LFCF | -10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.89 |
| Free cash flow (t + 1) | -2.07 |
| Terminal Value | -53.30 |
| Present Value of Terminal Value | -40.03 |
Intrinsic Value
| Enterprise Value | -50.03 |
|---|---|
| Net Debt | 382.45 |
| Equity Value | -432.48 |
| Shares Outstanding | 18.23 |
| Equity Value Per Share | -23.72 |