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: 36.01 | 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 96.04117.28109.18111.65123.53109.05108.63108.20107.79107.37
EBITDA (%)
EBIT 74.9996.1387.7190.71103.1188.5288.1887.8387.4987.15
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 26.4930.4943.6831.7742.5234.2234.0933.9533.8233.69
Total Cash (%)
Account Receivables 11.855.565.3110.7716.589.849.809.769.729.69
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 34.53
Cost of Debt
Tax Rate 21.35
After-tax Cost of Debt 5.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.506
Total Debt 411.01
Total Equity 319.06
Total Capital 730.08
Debt Weighting 56.30
Equity Weighting 43.70
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 96.04117.28109.18111.65123.53109.05108.63108.20107.79107.37
EBIT 74.9996.1387.7190.71103.1188.5288.1887.8387.4987.15
Tax Rate 22.65%9.67%12.12%8.10%21.35%14.78%14.78%14.78%14.78%14.78%
EBIAT 5886.8477.0883.3781.0975.4475.1474.8574.5674.28
Depreciation 21.0521.1521.4820.9420.4220.5320.4520.3720.2920.21
Accounts Receivable -6.290.25-5.46-5.816.740.040.040.040.04
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 79.04113.7098.7298.6598.8899.7195.3895.0194.6494.28
WACC
PV UFCF 92.7782.5776.5270.9265.73
SUM PV UFCF 388.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.48
Free cash flow (t + 1) 96.16
Terminal Value 1,754.78
Present Value of Terminal Value 1,223.45

Intrinsic Value

Enterprise Value 1,611.96
Net Debt 368.50
Equity Value 1,243.47
Shares Outstanding 34.53
Equity Value Per Share 36.01