Discounted Cash Flow (DCF) Analysis Unlevered

FedNat Holding Company (FNHC)

$0.015

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.50 | 0.015 | 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 391.66396.09414.96432.23245.55225.21206.55189.44173.75159.36
Revenue (%)
EBITDA 13.0925.9912.97-96.09-88.46-20.37-18.69-17.14-15.72-14.42
EBITDA (%)
EBIT 11.9224.6011.49-97.99-94.03-22.04-20.22-18.54-17.01-15.60
EBIT (%)
Depreciation 1.171.381.481.905.561.671.531.411.291.18
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 524.90510.82679.66594.39411.06329.57302.27277.23254.27233.20
Total Cash (%)
Account Receivables 180.50246.44253.59500.41684.39253.99232.95213.66195.96179.73
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 71.9463.60102.47201.52102.7566.4860.9755.9251.2947.04
Accounts Payable (%)
Capital Expenditure -0.98-2.03-2.04-3.36-1.84-1.25-1.15-1.05-0.96-0.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.015
Beta 2.333
Diluted Shares Outstanding 13.85
Cost of Debt
Tax Rate -0.31
After-tax Cost of Debt 7.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.593
Total Debt 118.81
Total Equity 0.21
Total Capital 119.01
Debt Weighting 99.83
Equity Weighting 0.17
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 391.66396.09414.96432.23245.55225.21206.55189.44173.75159.36
EBITDA 13.0925.9912.97-96.09-88.46-20.37-18.69-17.14-15.72-14.42
EBIT 11.9224.6011.49-97.99-94.03-22.04-20.22-18.54-17.01-15.60
Tax Rate 10.51%26.13%-41.80%30.87%-0.31%5.08%5.08%5.08%5.08%5.08%
EBIAT 10.6718.1716.29-67.74-94.32-20.92-19.19-17.60-16.14-14.81
Depreciation 1.171.381.481.905.561.671.531.411.291.18
Accounts Receivable --65.93-7.15-246.82-183.99430.4021.0419.3017.7016.23
Inventories ----------
Accounts Payable --8.3438.8799.05-98.77-36.27-5.51-5.05-4.63-4.25
Capital Expenditure -0.98-2.03-2.04-3.36-1.84-1.25-1.15-1.05-0.96-0.88
UFCF 10.86-56.7447.44-216.95-373.35373.62-3.27-3-2.75-2.52
WACC
PV UFCF 347.94-2.84-2.42-2.07-1.77
SUM PV UFCF 338.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.38
Free cash flow (t + 1) -2.57
Terminal Value -47.86
Present Value of Terminal Value -33.52

Intrinsic Value

Enterprise Value 305.32
Net Debt 35.28
Equity Value 270.04
Shares Outstanding 13.85
Equity Value Per Share 19.50