Discounted Cash Flow (DCF) Analysis Unlevered

Houston American Energy Corp. (HUSA)

$3.78

+0.03 (+0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: -165.89 | 3.78 | overvalue

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 0.632.3610.551.332.374.227.5113.3823.83
Revenue (%)
EBITDA -1.700.11-1.82-3.55-0.70-5.42-9.65-17.19-30.61-54.52
EBITDA (%)
EBIT -1.700.11-2.33-4.01-1.02-6.66-11.87-21.13-37.64-67.03
EBIT (%)
Depreciation --0.520.450.321.242.213.947.0212.51
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 0.390.760.101.244.893.305.8810.4718.6533.22
Total Cash (%)
Account Receivables 0.350.140.080.100.210.490.861.542.744.88
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.130.060.270.120.070.360.651.152.063.66
Accounts Payable (%)
Capital Expenditure -4.41-0.51-0.69-1.51-0.04-5.06-9.01-16.04-28.56-50.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.78
Beta 0.811
Diluted Shares Outstanding 9.67
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.347
Total Debt 0.27
Total Equity 36.56
Total Capital 36.83
Debt Weighting 0.73
Equity Weighting 99.27
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 0.632.3610.551.332.374.227.5113.3823.83
EBITDA -1.700.11-1.82-3.55-0.70-5.42-9.65-17.19-30.61-54.52
EBIT -1.700.11-2.33-4.01-1.02-6.66-11.87-21.13-37.64-67.03
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -1.700.11-2.33-4.01-1.02-6.66-11.87-21.13-37.64-67.03
Depreciation --0.520.450.321.242.213.947.0212.51
Accounts Receivable -0.210.06-0.02-0.12-0.27-0.38-0.67-1.20-2.14
Inventories ----------
Accounts Payable --0.070.21-0.15-0.050.290.280.510.901.61
Capital Expenditure -4.41-0.51-0.69-1.51-0.04-5.06-9.01-16.04-28.56-50.87
UFCF -6.12-0.25-2.24-5.23-0.91-10.45-18.75-33.40-59.48-105.92
WACC
PV UFCF -9.74-16.29-27.04-44.89-74.51
SUM PV UFCF -172.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.29
Free cash flow (t + 1) -108.04
Terminal Value -2,042.36
Present Value of Terminal Value -1,436.60

Intrinsic Value

Enterprise Value -1,609.07
Net Debt -4.63
Equity Value -1,604.44
Shares Outstanding 9.67
Equity Value Per Share -165.89