Discounted Cash Flow (DCF) Analysis Unlevered

Heidrick & Struggles International,... (HSII)

$29.26

+0.26 (+0.90%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 29.26 | 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 640.06735.66725.61629.371,008.471,161.111,336.861,539.201,772.172,040.40
Revenue (%)
EBITDA -14.6483.0179.66-4.74125.5973.5684.6997.51112.27129.26
EBITDA (%)
EBIT -29.4270.4969.29-31.40106.0346.5853.6361.7571.1081.86
EBIT (%)
Depreciation 14.7712.5210.3726.6619.5626.9731.0535.7541.1747.40
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 207.53279.91332.87336.47545.22519.89598.57689.17793.48913.58
Total Cash (%)
Account Receivables 102.63142.57135.83113.63173.90207.69239.12275.31316.98364.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 9.829.178.638.8020.3717.1619.7622.7526.1930.15
Accounts Payable (%)
Capital Expenditure -14.02-5.96-3.35-7.32-6.24-12.18-14.02-16.15-18.59-21.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.26
Beta 0.804
Diluted Shares Outstanding 19.30
Cost of Debt
Tax Rate 31.55
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.487
Total Debt 84.96
Total Equity 564.75
Total Capital 649.70
Debt Weighting 13.08
Equity Weighting 86.92
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 640.06735.66725.61629.371,008.471,161.111,336.861,539.201,772.172,040.40
EBITDA -14.6483.0179.66-4.74125.5973.5684.6997.51112.27129.26
EBIT -29.4270.4969.29-31.40106.0346.5853.6361.7571.1081.86
Tax Rate -65.32%30.07%32.36%-20.09%31.55%1.71%1.71%1.71%1.71%1.71%
EBIAT -48.6449.2946.87-37.7172.5745.7952.7260.7069.8880.46
Depreciation 14.7712.5210.3726.6619.5626.9731.0535.7541.1747.40
Accounts Receivable --39.946.7422.20-60.27-33.78-31.43-36.19-41.67-47.98
Inventories ----------
Accounts Payable --0.66-0.530.1711.57-3.222.602.993.443.96
Capital Expenditure -14.02-5.96-3.35-7.32-6.24-12.18-14.02-16.15-18.59-21.40
UFCF -47.8815.2660.09437.2023.5840.9147.1054.2362.44
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 63.69
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -460.27
Equity Value -
Shares Outstanding 19.30
Equity Value Per Share -