Discounted Cash Flow (DCF) Analysis Unlevered
Two Harbors Investment Corp. (TWO-PA)
$20.01
-0.04 (-0.20%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 185.73 | 427.56 | -1,562.03 | 255.22 | 295.54 | -26.36 | 2.35 | -0.21 | 0.02 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 517.20 | 1,024.73 | -1,384.58 | 280.59 | 549.39 | -47.58 | 4.24 | -0.38 | 0.03 | -0 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -47.58 | 4.24 | -0.38 | 0.03 | -0 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 25,962.36 | 599.71 | 1,389.15 | 1,156.22 | 8,462.21 | -914.35 | 81.54 | -7.27 | 0.65 | -0.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 241.22 | 411.60 | 193.61 | 194.72 | 36.02 | -15.93 | 1.42 | -0.13 | 0.01 | -0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 160.01 | 149.63 | 21.67 | 18.38 | 93.80 | -8.37 | 0.75 | -0.07 | 0.01 | -0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -976.39 | -613.66 | -622.41 | -742.15 | -629.81 | 59.74 | -5.33 | 0.48 | -0.04 | 0 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.01 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 0 |
| Cost of Debt | |
| Tax Rate | 42.43 |
| After-tax Cost of Debt | 21.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.380 |
| Total Debt | 680.51 |
| Total Equity | 0.04 |
| Total Capital | 680.55 |
| Debt Weighting | 99.99 |
| Equity Weighting | 0.01 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 185.73 | 427.56 | -1,562.03 | 255.22 | 295.54 | -26.36 | 2.35 | -0.21 | 0.02 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 517.20 | 1,024.73 | -1,384.58 | 280.59 | 549.39 | -47.58 | 4.24 | -0.38 | 0.03 | -0 |
| EBIT | - | - | - | - | - | -47.58 | 4.24 | -0.38 | 0.03 | -0 |
| Tax Rate | -1,695.30% | -4.37% | 2.14% | 2.19% | 42.43% | -330.58% | -330.58% | -330.58% | -330.58% | -330.58% |
| EBIAT | - | - | - | - | - | -204.86 | 18.27 | -1.63 | 0.15 | -0.01 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -170.38 | 217.99 | -1.11 | 158.70 | 51.95 | -17.35 | 1.55 | -0.14 | 0.01 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -10.38 | -127.96 | -3.28 | 75.42 | -102.17 | 9.11 | -0.81 | 0.07 | -0.01 |
| Capital Expenditure | -976.39 | -613.66 | -622.41 | -742.15 | -629.81 | 59.74 | -5.33 | 0.48 | -0.04 | 0 |
| UFCF | - | - | - | - | - | -195.35 | 4.70 | -0.42 | 0.04 | -0 |
| WACC | ||||||||||
| PV UFCF | -160.30 | 3.17 | -0.23 | 0.02 | -0 | |||||
| SUM PV UFCF | -157.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 21.86 |
| Free cash flow (t + 1) | -0 |
| Terminal Value | -0.02 |
| Present Value of Terminal Value | -0.01 |
Intrinsic Value
| Enterprise Value | -157.36 |
|---|---|
| Net Debt | -2.97 |
| Equity Value | -154.39 |
| Shares Outstanding | 0 |
| Equity Value Per Share | -72,516.78 |