Discounted Cash Flow (DCF) Analysis Unlevered

WhiteHorse Finance, Inc. (WHF)

$12

-0.25 (-2.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.74 | 12 | 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 54.8063.2567.0736.0235.3532.9930.7928.7426.8225.03
Revenue (%)
EBITDA 44.2668.9044.3144.8154.2935.2232.8730.6828.6326.72
EBITDA (%)
EBIT 44.2668.9044.3144.8146.6928.1226.2524.4922.8621.33
EBIT (%)
Depreciation ----7.617.106.626.185.775.39
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 35.2224.154.298.06748.91148.45138.54129.30120.67112.61
Total Cash (%)
Account Receivables 5.7310.226.3711.258.045.945.555.184.834.51
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable -0.450.470.250.250.230.220.200.190.18
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12
Beta 1.245
Diluted Shares Outstanding 20.55
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.575
Total Debt 476.80
Total Equity 246.55
Total Capital 723.35
Debt Weighting 65.92
Equity Weighting 34.08
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 54.8063.2567.0736.0235.3532.9930.7928.7426.8225.03
EBITDA 44.2668.9044.3144.8154.2935.2232.8730.6828.6326.72
EBIT 44.2668.9044.3144.8146.6928.1226.2524.4922.8621.33
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 44.2668.9044.3144.8146.6928.1226.2524.4922.8621.33
Depreciation ----7.617.106.626.185.775.39
Accounts Receivable --4.493.85-4.883.212.090.400.370.350.32
Inventories ----------
Accounts Payable --0.03-0.22-0-0.02-0.02-0.01-0.01-0.01
Capital Expenditure ----------
UFCF -----37.3033.2531.0328.9627.03
WACC
PV UFCF 35.3329.8426.3823.3320.62
SUM PV UFCF 135.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.56
Free cash flow (t + 1) 27.57
Terminal Value 774.42
Present Value of Terminal Value 590.85

Intrinsic Value

Enterprise Value 726.36
Net Debt 464.61
Equity Value 261.74
Shares Outstanding 20.55
Equity Value Per Share 12.74