Discounted Cash Flow (DCF) Analysis Levered

Workhorse Group Inc. (WKHS)

$4.28

-0.21 (-4.68%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.97 | 4.28 | 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 10.850.760.381.39-0.85-0.78-0.71-0.65-0.59-0.54
Revenue (%)
Operating Cash Flow -38.66-21.75-36.87-70.28-132.583.863.523.212.932.68
Operating Cash Flow (%)
Capital Expenditure -0.14-0.02-2.01-5.73-5.310.500.460.420.380.35
Capital Expenditure (%)
Free Cash Flow -38.81-21.78-38.88-76.01-137.894.373.983.633.323.03

Weighted Average Cost Of Capital

Share price $ 4.28
Beta 2.935
Diluted Shares Outstanding 99.95
Cost of Debt
Tax Rate 5.16
After-tax Cost of Debt 24.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.695
Total Debt 26.26
Total Equity 427.79
Total Capital 454.05
Debt Weighting 5.78
Equity Weighting 94.22
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 10.850.760.381.39-0.85-0.78-0.71-0.65-0.59-0.54
Operating Cash Flow -38.66-21.75-36.87-70.28-132.583.863.523.212.932.68
Capital Expenditure -0.14-0.02-2.01-5.73-5.310.500.460.420.380.35
Free Cash Flow -38.81-21.78-38.88-76.01-137.894.373.983.633.323.03
WACC
PV LFCF 3.732.902.261.761.37
SUM PV LFCF 12.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.14
Free cash flow (t + 1) 3.09
Terminal Value 20.39
Present Value of Terminal Value 9.24

Intrinsic Value

Enterprise Value 21.27
Net Debt -175.39
Equity Value 196.66
Shares Outstanding 99.95
Equity Value Per Share 1.97