Discounted Cash Flow (DCF) Analysis Unlevered

Hamilton Lane Incorporated (HLNE)

$71.96

-1.50 (-2.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.76 | 71.96 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 244.03252.18274.05341.64367.92408.73454.06504.42560.37622.53
Revenue (%)
EBITDA 58.5570.1580.90128.62222.54146.70162.98181.05201.13223.44
EBITDA (%)
EBIT 56.6667.1777.61124.48217.04141.91157.65175.14194.57216.15
EBIT (%)
Depreciation 1.892.983.294.135.494.795.325.916.577.30
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 47.6049.3650.1287.34575.93195.75217.47241.59268.38298.15
Total Cash (%)
Account Receivables 18.1622.9532.9931.7034.8238.6842.9747.7453.0458.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.702.621.972.172.833.153.503.894.324.80
Accounts Payable (%)
Capital Expenditure -2.25-5.37-6.15-19.64-10.16-11.28-12.54-13.93-15.47-17.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 71.96
Beta 0.978
Diluted Shares Outstanding 33.36
Cost of Debt
Tax Rate 53.46
After-tax Cost of Debt 2.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.411
Total Debt -
Total Equity 2,400.76
Total Capital 2,400.76
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 244.03252.18274.05341.64367.92408.73454.06504.42560.37622.53
EBITDA 58.5570.1580.90128.62222.54146.70162.98181.05201.13223.44
EBIT 56.6667.1777.61124.48217.04141.91157.65175.14194.57216.15
Tax Rate 87.58%74.09%56.78%49.26%53.46%64.23%64.23%64.23%64.23%64.23%
EBIAT 7.0417.4133.5463.16101.0150.7656.3962.6469.5977.31
Depreciation 1.892.983.294.135.494.795.325.916.577.30
Accounts Receivable --4.79-10.041.29-3.12-3.86-4.29-4.77-5.30-5.88
Inventories ----------
Accounts Payable -0.92-0.650.210.650.330.350.390.430.48
Capital Expenditure -2.25-5.37-6.15-19.64-10.16-11.28-12.54-13.93-15.47-17.19
UFCF 6.6711.1519.9949.1593.8840.7345.2350.2555.8262.01
WACC
PV UFCF 37.9239.2140.5541.9443.38
SUM PV UFCF 202.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.41
Free cash flow (t + 1) 63.25
Terminal Value 1,169.17
Present Value of Terminal Value 817.81

Intrinsic Value

Enterprise Value 1,020.80
Net Debt -72.14
Equity Value 1,092.94
Shares Outstanding 33.36
Equity Value Per Share 32.76