Discounted Cash Flow (DCF) Analysis Unlevered

Harbor Custom Development, Inc. (HCDI)

$0.9101

+0.01 (+1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 7,849,473.34 | 0.9101 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5.7330.95167.20903.184,878.7326,353.57142,354.69768,960.774,153,714
Revenue (%)
EBITDA -0.540.54-3.641.48-119.27-644.27-3,480.19-18,799.01-101,547.09
EBITDA (%)
EBIT -0.75-0.04-3.650.01-188.86-1,020.17-5,510.67-29,767.13-160,793.84
EBIT (%)
Depreciation 0.210.5801.4769.59375.902,030.4810,968.1259,246.75
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.080.432.4025.6386.47467.082,523.0213,628.6473,618.14
Total Cash (%)
Account Receivables 0.050.010.081.1113.6173.50397.042,144.7011,585.08
Account Receivables (%)
Inventories 0.942.2419.74106.62575.953,111.1116,805.3390,777.76490,356.45
Inventories (%)
Accounts Payable 0.803.772.7010.66353.151,907.6410,304.5555,662.33300,672.53
Accounts Payable (%)
Capital Expenditure -0.51-0.40-0-0.75-126.07-681.01-3,678.63-19,870.94-107,337.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.9,101
Beta 0.175
Diluted Shares Outstanding 5.98
Cost of Debt
Tax Rate 16.63
After-tax Cost of Debt 0.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.608
Total Debt 13.43
Total Equity 5.44
Total Capital 18.87
Debt Weighting 71.17
Equity Weighting 28.83
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 5.7330.95167.20903.184,878.7326,353.57142,354.69768,960.774,153,714
EBITDA -0.540.54-3.641.48-119.27-644.27-3,480.19-18,799.01-101,547.09
EBIT -0.75-0.04-3.650.01-188.86-1,020.17-5,510.67-29,767.13-160,793.84
Tax Rate -65.31%153.84%-3.20%16.63%25.49%25.49%25.49%25.49%25.49%
EBIAT -1.250.02-3.760.01-140.72-760.13-4,106.01-22,179.54-119,807.76
Depreciation 0.210.5801.4769.59375.902,030.4810,968.1259,246.75
Accounts Receivable -0.04-0.07-1.04-12.49-59.90-323.54-1,747.66-9,440.38
Inventories --1.30-17.50-86.88-469.32-2,535.16-13,694.23-73,972.43-399,578.68
Accounts Payable -2.97-1.077.96342.491,554.498,396.9145,357.78245,010.20
Capital Expenditure -0.51-0.40-0-0.75-126.07-681.01-3,678.63-19,870.94-107,337.33
UFCF -1.551.91-22.40-79.22-336.53-2,105.81-11,375.01-61,444.68-331,907.20
WACC
PV UFCF -23-80.28-336.53-2,078.17-11,078.37-59,056.83-314,821.58
SUM PV UFCF -382,287.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.33
Free cash flow (t + 1) -338,545.34
Terminal Value 50,529,155.08
Present Value of Terminal Value 47,298,985.20

Intrinsic Value

Enterprise Value 46,916,698.13
Net Debt -12.20
Equity Value 46,916,710.33
Shares Outstanding 5.98
Equity Value Per Share 7,849,473.34