Discounted Cash Flow (DCF) Analysis Unlevered

DLH Holdings Corp. (DLHC)

$17.02

-0.74 (-4.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.01 | 17.02 | undervalue

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 115.66133.24160.39209.18246.09297.55359.77435525.96635.94
Revenue (%)
EBITDA 8.0110.7112.9619.8624.5525.3030.5936.9944.7254.07
EBITDA (%)
EBIT 6.298.479.0112.8616.4317.9921.7526.3031.8038.45
EBIT (%)
Depreciation 1.722.243.9678.117.318.8410.6912.9215.63
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 4.936.361.791.3624.0512.2414.8017.9021.6426.16
Total Cash (%)
Account Receivables 12.2710.6423.5333.9034.4437.7745.6755.2166.7680.72
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.213.3910.0514.6416.6816.1219.5023.5728.5034.46
Accounts Payable (%)
Capital Expenditure -1.06-0.65-0.41-0.15-0.10-1.06-1.28-1.55-1.87-2.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.02
Beta 1.331
Diluted Shares Outstanding 13.60
Cost of Debt
Tax Rate 24.51
After-tax Cost of Debt 3.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.081
Total Debt 66.27
Total Equity 231.42
Total Capital 297.69
Debt Weighting 22.26
Equity Weighting 77.74
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 115.66133.24160.39209.18246.09297.55359.77435525.96635.94
EBITDA 8.0110.7112.9619.8624.5525.3030.5936.9944.7254.07
EBIT 6.298.479.0112.8616.4317.9921.7526.3031.8038.45
Tax Rate 39.13%76.05%28.97%29.00%24.51%39.53%39.53%39.53%39.53%39.53%
EBIAT 3.832.036.409.1312.4010.8813.1515.9019.2323.25
Depreciation 1.722.243.9678.117.318.8410.6912.9215.63
Accounts Receivable -1.63-12.89-10.38-0.54-3.33-7.90-9.55-11.55-13.96
Inventories ----------
Accounts Payable --1.816.664.592.04-0.563.374.084.935.96
Capital Expenditure -1.06-0.65-0.41-0.15-0.10-1.06-1.28-1.55-1.87-2.26
UFCF 4.493.433.7210.2021.9213.2516.1919.5723.6628.61
WACC
PV UFCF 12.2813.9215.6117.5119.64
SUM PV UFCF 78.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.82
Free cash flow (t + 1) 29.18
Terminal Value 501.46
Present Value of Terminal Value 344.14

Intrinsic Value

Enterprise Value 423.11
Net Debt 42.22
Equity Value 380.89
Shares Outstanding 13.60
Equity Value Per Share 28.01