Discounted Cash Flow (DCF) Analysis Unlevered

Hill International, Inc. (HIL)

$3.4

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.27 | 3.4 | 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 483.74428.68376.44368.52377.44355.50334.83315.37297.04279.77
Revenue (%)
EBITDA 40.02-16.4822.598.215.8610.109.528.968.447.95
EBITDA (%)
EBIT 33.50-21.9118.774.183.426.285.925.575.254.95
EBIT (%)
Depreciation 6.525.433.824.042.443.823.603.393.193.01
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 21.3518.7115.9137.0321.8220.5019.3118.1917.1316.14
Total Cash (%)
Account Receivables 163.60155.88141.38135.54121.68125.68118.37111.49105.0198.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 32.3430.0122.1020.9563.8629.9828.2326.5925.0523.59
Accounts Payable (%)
Capital Expenditure -1.88-2.33-3.94-2.89-1.70-2.28-2.15-2.03-1.91-1.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.4
Beta 1.197
Diluted Shares Outstanding 56.60
Cost of Debt
Tax Rate 213.98
After-tax Cost of Debt -5.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.167
Total Debt 74.28
Total Equity 192.45
Total Capital 266.73
Debt Weighting 27.85
Equity Weighting 72.15
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 483.74428.68376.44368.52377.44355.50334.83315.37297.04279.77
EBITDA 40.02-16.4822.598.215.8610.109.528.968.447.95
EBIT 33.50-21.9118.774.183.426.285.925.575.254.95
Tax Rate 862.92%-19.75%-7.14%-1,776.61%213.98%-145.32%-145.32%-145.32%-145.32%-145.32%
EBIAT -255.58-26.2420.1178.37-3.9015.4214.5213.6812.8812.13
Depreciation 6.525.433.824.042.443.823.603.393.193.01
Accounts Receivable -7.7114.505.8413.87-47.316.886.486.10
Inventories ----------
Accounts Payable --2.34-7.90-1.1542.90-33.88-1.74-1.64-1.55-1.46
Capital Expenditure -1.88-2.33-3.94-2.89-1.70-2.28-2.15-2.03-1.91-1.80
UFCF -250.94-17.7626.6084.2053.62-20.9221.5320.2819.1017.99
WACC
PV UFCF -19.9219.5217.5015.7014.08
SUM PV UFCF 46.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.03
Free cash flow (t + 1) 18.35
Terminal Value 605.60
Present Value of Terminal Value 473.82

Intrinsic Value

Enterprise Value 520.69
Net Debt 52.46
Equity Value 468.23
Shares Outstanding 56.60
Equity Value Per Share 8.27