Discounted Cash Flow (DCF) Analysis Unlevered

Höegh LNG Partners LP (HMLP)

$9.24

+0.01 (+0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 51.46 | 9.24 | 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 143.53146.56145.44143.09141.26140.71140.17139.63139.09138.55
Revenue (%)
EBITDA 101.99133.15106.44111.65100.52108.15107.73107.31106.90106.48
EBITDA (%)
EBIT 80.9411284.9790.7180.1187.6287.2886.9486.6086.27
EBIT (%)
Depreciation 21.0521.1521.4820.9420.4220.5320.4520.3720.2920.21
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 26.4926.3339.1331.7742.5232.5432.4132.2932.1632.04
Total Cash (%)
Account Receivables 15.6512.699.5810.7718.9113.2413.1913.1413.0913.04
Account Receivables (%)
Inventories 0.670.650.460.580.580.570.570.570.570.57
Inventories (%)
Accounts Payable 0.380.530.530.473.891.151.141.141.131.13
Accounts Payable (%)
Capital Expenditure -0.02-0.75-0.27-0.01-0.25-0.25-0.25-0.25-0.25-0.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.24
Beta 1.384
Diluted Shares Outstanding 33.70
Cost of Debt
Tax Rate 42.43
After-tax Cost of Debt 2.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.223
Total Debt 411.08
Total Equity 311.41
Total Capital 722.49
Debt Weighting 56.90
Equity Weighting 43.10
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 143.53146.56145.44143.09141.26140.71140.17139.63139.09138.55
EBITDA 101.99133.15106.44111.65100.52108.15107.73107.31106.90106.48
EBIT 80.9411284.9790.7180.1187.6287.2886.9486.6086.27
Tax Rate 22.65%9.67%12.12%8.10%42.43%18.99%18.99%18.99%18.99%18.99%
EBIAT 62.61101.1874.6783.3746.1170.9870.7070.4370.1569.88
Depreciation 21.0521.1521.4820.9420.4220.5320.4520.3720.2920.21
Accounts Receivable -2.963.11-1.18-8.145.660.050.050.050.05
Inventories -0.020.18-0.120.0100000
Accounts Payable -0.150-0.073.42-2.74-0-0-0-0
Capital Expenditure -0.02-0.75-0.27-0.01-0.25-0.25-0.25-0.25-0.25-0.25
UFCF 83.64124.7199.17102.9261.5794.1790.9590.6090.2589.90
WACC
PV UFCF 88.8580.9676.0971.5167.21
SUM PV UFCF 384.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) 91.70
Terminal Value 2,298.15
Present Value of Terminal Value 1,718.12

Intrinsic Value

Enterprise Value 2,102.74
Net Debt 368.56
Equity Value 1,734.18
Shares Outstanding 33.70
Equity Value Per Share 51.46