Discounted Cash Flow (DCF) Analysis Levered
FreightCar America, Inc. (RAIL)
$2.84
+0.05 (+1.79%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 316.52 | 229.96 | 108.45 | 203.05 | 364.75 | 443.80 | 539.97 | 656.99 | 799.37 | 972.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -31.64 | -18.98 | -58.90 | -55.40 | 11.50 | -85.83 | -104.43 | -127.06 | -154.59 | -188.09 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -39.53 | -5.57 | -9.85 | -2.29 | -7.82 | -24.20 | -29.45 | -35.83 | -43.59 | -53.04 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -71.18 | -24.55 | -68.75 | -57.69 | 3.69 | -110.03 | -133.87 | -162.88 | -198.18 | -241.13 |
Weighted Average Cost Of Capital
| Share price | $ 2.84 |
|---|---|
| Beta | 2.097 |
| Diluted Shares Outstanding | 24.84 |
| Cost of Debt | |
| Tax Rate | -6.33 |
| After-tax Cost of Debt | 19.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.708 |
| Total Debt | 127.26 |
| Total Equity | 70.54 |
| Total Capital | 197.80 |
| Debt Weighting | 64.34 |
| Equity Weighting | 35.66 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 316.52 | 229.96 | 108.45 | 203.05 | 364.75 | 443.80 | 539.97 | 656.99 | 799.37 | 972.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -31.64 | -18.98 | -58.90 | -55.40 | 11.50 | -85.83 | -104.43 | -127.06 | -154.59 | -188.09 |
| Capital Expenditure | -39.53 | -5.57 | -9.85 | -2.29 | -7.82 | -24.20 | -29.45 | -35.83 | -43.59 | -53.04 |
| Free Cash Flow | -71.18 | -24.55 | -68.75 | -57.69 | 3.69 | -110.03 | -133.87 | -162.88 | -198.18 | -241.13 |
| WACC | ||||||||||
| PV LFCF | -93.45 | -96.57 | -99.79 | -103.13 | -106.57 | |||||
| SUM PV LFCF | -499.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 17.74 |
| Free cash flow (t + 1) | -245.95 |
| Terminal Value | -1,562.60 |
| Present Value of Terminal Value | -690.60 |
Intrinsic Value
| Enterprise Value | -1,190.11 |
|---|---|
| Net Debt | 89.35 |
| Equity Value | -1,279.46 |
| Shares Outstanding | 24.84 |
| Equity Value Per Share | -51.51 |