Discounted Cash Flow (DCF) Analysis Unlevered
Ocwen Financial Corporation (OCN)
$23.49
+0.01 (+0.04%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,140.93 | 976.91 | 1,076.47 | 999.50 | 1,042 | 1,023.55 | 1,005.42 | 987.62 | 970.13 | 952.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 259.18 | 59.04 | 239 | 284.60 | 404.50 | 242.08 | 237.80 | 233.58 | 229.45 | 225.39 |
EBITDA (%) | ||||||||||
EBIT | 227.27 | 39.92 | 228.74 | 269.80 | 392.40 | 224.99 | 221.01 | 217.09 | 213.25 | 209.47 |
EBIT (%) | ||||||||||
Depreciation | 31.91 | 19.12 | 10.26 | 14.80 | 12.10 | 17.09 | 16.79 | 16.49 | 16.20 | 15.91 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 428.34 | 284.80 | 192.79 | 208 | 255.10 | 265.91 | 261.21 | 256.58 | 252.04 | 247.57 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 6,769.43 | 7,582.40 | 8,316.87 | 8,314.30 | 154.80 | 6,118.35 | 6,010.01 | 5,903.59 | 5,799.05 | 5,696.37 |
Account Receivables (%) | ||||||||||
Inventories | 8.56 | 7.77 | 10.08 | 9.80 | 18.30 | 10.68 | 10.49 | 10.31 | 10.12 | 9.95 |
Inventories (%) | ||||||||||
Accounts Payable | 63.60 | 94.69 | 2.13 | 51.52 | 53.72 | 52.76 | 51.83 | 50.91 | 50.01 | 49.13 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1.95 | -4.10 | -3.30 | -5.50 | -175.10 | -37.36 | -36.70 | -36.05 | -35.41 | -34.79 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 23.49 |
---|---|
Beta | 1.874 |
Diluted Shares Outstanding | 7.64 |
Cost of Debt | |
Tax Rate | -9.64 |
After-tax Cost of Debt | 4.36% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 13.201 |
Total Debt | 11,429.80 |
Total Equity | 179.36 |
Total Capital | 11,609.16 |
Debt Weighting | 98.46 |
Equity Weighting | 1.54 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,140.93 | 976.91 | 1,076.47 | 999.50 | 1,042 | 1,023.55 | 1,005.42 | 987.62 | 970.13 | 952.96 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 259.18 | 59.04 | 239 | 284.60 | 404.50 | 242.08 | 237.80 | 233.58 | 229.45 | 225.39 |
EBIT | 227.27 | 39.92 | 228.74 | 269.80 | 392.40 | 224.99 | 221.01 | 217.09 | 213.25 | 209.47 |
Tax Rate | -12.36% | 61.98% | 514.09% | -3.21% | -9.64% | 110.17% | 110.17% | 110.17% | 110.17% | 110.17% |
EBIAT | 255.36 | 15.18 | -947.18 | 278.47 | 430.22 | -22.89 | -22.48 | -22.08 | -21.69 | -21.31 |
Depreciation | 31.91 | 19.12 | 10.26 | 14.80 | 12.10 | 17.09 | 16.79 | 16.49 | 16.20 | 15.91 |
Accounts Receivable | - | -812.97 | -734.48 | 2.57 | 8,159.50 | -5,963.55 | 108.34 | 106.42 | 104.54 | 102.69 |
Inventories | - | 0.78 | -2.30 | 0.28 | -8.50 | 7.62 | 0.19 | 0.19 | 0.18 | 0.18 |
Accounts Payable | - | 31.10 | -92.56 | 49.39 | 2.19 | -0.95 | -0.93 | -0.92 | -0.90 | -0.89 |
Capital Expenditure | -1.95 | -4.10 | -3.30 | -5.50 | -175.10 | -37.36 | -36.70 | -36.05 | -35.41 | -34.79 |
UFCF | 285.32 | -750.89 | -1,769.55 | 340.01 | 8,420.41 | -6,000.04 | 65.20 | 64.04 | 62.91 | 61.80 |
WACC | ||||||||||
PV UFCF | -5,742.21 | 59.72 | 56.14 | 52.77 | 49.61 | |||||
SUM PV UFCF | -5,523.97 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.49 |
Free cash flow (t + 1) | 63.03 |
Terminal Value | 2,531.43 |
Present Value of Terminal Value | 2,032.32 |
Intrinsic Value
Enterprise Value | -3,491.65 |
---|---|
Net Debt | 11,174.70 |
Equity Value | -14,666.35 |
Shares Outstanding | 7.64 |
Equity Value Per Share | -1,920.79 |