Discounted Cash Flow (DCF) Analysis Unlevered

DHT Holdings, Inc. (DHT)

$7.5955

+0.04 (+0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.31 | 7.5955 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 355.05375.94535.07691.04295.85310.77326.45342.91360.21378.37
Revenue (%)
EBITDA 143.60110.84244.73429.82143.20140.64147.73155.18163.01171.23
EBITDA (%)
EBIT 46.847.37129.14305.5714.5754.9657.7460.6563.7166.92
EBIT (%)
Depreciation 96.76103.48115.58124.24128.6485.6789.9994.5399.30104.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 77.2994.9467.3668.6460.6655.9758.7961.7664.8768.14
Total Cash (%)
Account Receivables 42.2160.20107.8530.0630.3638.9540.9242.9845.1547.42
Account Receivables (%)
Inventories 23.6732.2134.0811.8533.4021.5122.6023.7424.9326.19
Inventories (%)
Accounts Payable 8.8810.887.9115.846.787.127.487.868.268.67
Accounts Payable (%)
Capital Expenditure -298.38-234.97-53.88-27.55-174.61-136.50-143.38-150.62-158.21-166.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.5,955
Beta -0.358
Diluted Shares Outstanding 169.09
Cost of Debt
Tax Rate -3.36
After-tax Cost of Debt 4.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.949
Total Debt 522.30
Total Equity 1,284.32
Total Capital 1,806.62
Debt Weighting 28.91
Equity Weighting 71.09
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 355.05375.94535.07691.04295.85310.77326.45342.91360.21378.37
EBITDA 143.60110.84244.73429.82143.20140.64147.73155.18163.01171.23
EBIT 46.847.37129.14305.5714.5754.9657.7460.6563.7166.92
Tax Rate 1.95%-0.18%0.18%0.34%-3.36%-0.21%-0.21%-0.21%-0.21%-0.21%
EBIAT 45.937.38128.91304.5315.0555.0857.8660.7863.8467.06
Depreciation 96.76103.48115.58124.24128.6485.6789.9994.5399.30104.31
Accounts Receivable --17.98-47.6577.79-0.30-8.59-1.96-2.06-2.17-2.28
Inventories --8.54-1.8722.23-21.5411.88-1.08-1.14-1.20-1.26
Accounts Payable -2-2.977.93-9.060.340.360.380.400.42
Capital Expenditure -298.38-234.97-53.88-27.55-174.61-136.50-143.38-150.62-158.21-166.19
UFCF -155.69-148.63138.11509.17-61.817.891.781.871.962.06
WACC
PV UFCF 7.671.681.721.761.79
SUM PV UFCF 14.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.81
Free cash flow (t + 1) 2.10
Terminal Value 259.52
Present Value of Terminal Value 225.94

Intrinsic Value

Enterprise Value 240.57
Net Debt 461.64
Equity Value -221.07
Shares Outstanding 169.09
Equity Value Per Share -1.31