Discounted Cash Flow (DCF) Analysis Levered

VSE Corporation (VSEC)

$56.72

+0.54 (+0.96%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: -14.20 | 56.72 | overvalue

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 697.22752.63661.66750.85949.761,034.841,127.541,228.551,338.601,458.51
Revenue (%)
Operating Cash Flow 18.8517.9935.76-17.608.0518.6320.3022.1224.1026.26
Operating Cash Flow (%)
Capital Expenditure -3.12-9.63-4.43-10.52-11.21-10.30-11.22-12.23-13.33-14.52
Capital Expenditure (%)
Free Cash Flow 15.748.3631.33-28.12-3.168.339.089.8910.7811.74

Weighted Average Cost Of Capital

Share price $ 56.72
Beta 1.509
Diluted Shares Outstanding 12.83
Cost of Debt
Tax Rate 24.67
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.604
Total Debt 325.89
Total Equity 727.60
Total Capital 1,053.49
Debt Weighting 30.93
Equity Weighting 69.07
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 697.22752.63661.66750.85949.761,034.841,127.541,228.551,338.601,458.51
Operating Cash Flow 18.8517.9935.76-17.608.0518.6320.3022.1224.1026.26
Capital Expenditure -3.12-9.63-4.43-10.52-11.21-10.30-11.22-12.23-13.33-14.52
Free Cash Flow 15.748.3631.33-28.12-3.168.339.089.8910.7811.74
WACC
PV LFCF 7.627.607.587.567.53
SUM PV LFCF 37.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.29
Free cash flow (t + 1) 11.98
Terminal Value 164.32
Present Value of Terminal Value 105.39

Intrinsic Value

Enterprise Value 143.28
Net Debt 325.42
Equity Value -182.14
Shares Outstanding 12.83
Equity Value Per Share -14.20