Discounted Cash Flow (DCF) Analysis Unlevered

Great Lakes Dredge & Dock Corporati... (GLDD)

$9.15

+0.21 (+2.35%)
All numbers are in Millions, Currency in USD
Stock DCF: -19.71 | 9.15 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 711.52733.60726.15648.78589.62563.56538.64514.83492.06470.31
Revenue (%)
EBITDA 94.96109.5884.13-21.5162.0553.0650.7248.4746.3344.28
EBITDA (%)
EBIT 57.8271.4041.11-67.7919.5218.4717.6516.8716.1215.41
EBIT (%)
Depreciation 37.1538.1843.0246.2742.5234.6033.0731.6030.2128.87
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 186.99216.51145.466.5522.8490.9786.9583.1079.4375.92
Total Cash (%)
Account Receivables 42.3471.10122.80110.81123.5479.5676.0472.6869.4766.40
Account Receivables (%)
Inventories 30.1934.6930.7629.2333.9126.4525.2824.1623.0922.07
Inventories (%)
Accounts Payable 76.0971.3185.5794.0883.8368.6665.6262.7259.9557.30
Accounts Payable (%)
Capital Expenditure -49.41-47.62-116.66-143.01-150.84-86.93-83.09-79.41-75.90-72.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.15
Beta 0.963
Diluted Shares Outstanding 66.96
Cost of Debt
Tax Rate 24.06
After-tax Cost of Debt 3.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.704
Total Debt 505.87
Total Equity 612.66
Total Capital 1,118.53
Debt Weighting 45.23
Equity Weighting 54.77
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 711.52733.60726.15648.78589.62563.56538.64514.83492.06470.31
EBITDA 94.96109.5884.13-21.5162.0553.0650.7248.4746.3344.28
EBIT 57.8271.4041.11-67.7919.5218.4717.6516.8716.1215.41
Tax Rate 30.43%23.39%21.32%21.56%24.06%24.15%24.15%24.15%24.15%24.15%
EBIAT 40.2254.6932.35-53.1714.8314.0113.3912.7912.2311.69
Depreciation 37.1538.1843.0246.2742.5234.6033.0731.6030.2128.87
Accounts Receivable --28.75-51.7011.99-12.7343.993.523.363.213.07
Inventories --4.503.931.53-4.687.471.171.121.071.02
Accounts Payable --4.7814.268.51-10.24-15.17-3.04-2.90-2.77-2.65
Capital Expenditure -49.41-47.62-116.66-143.01-150.84-86.93-83.09-79.41-75.90-72.55
UFCF 27.967.22-74.81-127.88-121.15-2.05-34.98-33.44-31.96-30.54
WACC
PV UFCF -1.93-31.02-27.92-25.12-22.61
SUM PV UFCF -108.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.20
Free cash flow (t + 1) -31.46
Terminal Value -983.16
Present Value of Terminal Value -727.78

Intrinsic Value

Enterprise Value -836.38
Net Debt 483.03
Equity Value -1,319.41
Shares Outstanding 66.96
Equity Value Per Share -19.71