Discounted Cash Flow (DCF) Analysis Unlevered

Hertz Global Holdings Inc

Hertz Global Holdings Inc (HTZ)

0
0 (0%)

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 9,017.008,803.008,803.009,504.009,779.0010,055.5310,339.8810,632.2710,932.9311,242.10
Revenue (%)
EBITDA 2,445.002,385.002,458.002,582.003,060.002,827.412,907.362,989.583,074.123,161.05
EBITDA (%)
EBIT -190.00-411.00-504.00-182.0066.00-276.35-284.17-292.20-300.47-308.96
EBIT (%)
Depreciation 2,635.002,796.002,962.002,764.002,994.003,103.763,191.533,281.783,374.593,470.01
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 474.00816.001,072.001,127.00865.00953.42980.381,008.101,036.611,065.92
Total Cash (%)
Account Receivables 1,786.001,283.001,365.001,587.001,840.001,717.521,766.091,816.031,867.381,920.19
Account Receivables (%)
Inventories -22.0022.0023.7524.4425.1325.8426.5727.3228.10
Inventories (%)
Accounts Payable 766.00821.00946.00988.00943.00977.531,005.171,033.601,062.821,092.88
Accounts Payable (%)
Capital Expenditure -11,636.00-11,006.00-10,769.00-12,670.00-13,938.00-13,117.36-13,488.30-13,869.72-14,261.93-14,665.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ -
Beta 2.153
Diluted Shares Outstanding 109.00
Cost of Debt
Tax Rate 546.15
After-tax Cost of Debt -22.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 19.600
Total Debt 17,089.00
Total Equity -
Total Capital 17,089.00
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 9,017.008,803.008,803.009,504.009,779.0010,055.5310,339.8810,632.2710,932.9311,242.10
EBITDA 2,445.002,385.002,458.002,582.003,060.002,827.412,907.362,989.583,074.123,161.05
EBIT -190.00-411.00-504.00-182.0066.00-276.35-284.17-292.20-300.47-308.96
Tax Rate -106.82%-4.47%156.87%12.45%546.15%120.84%120.84%120.84%120.84%120.84%
EBIAT -392.95-429.36286.62-159.34-294.4657.5959.2160.8962.6164.38
Depreciation 2,635.002,796.002,962.002,764.002,994.003,103.763,191.533,281.783,374.593,470.01
Accounts Receivable -503.00-82.00-222.00-253.00122.48-48.57-49.94-51.35-52.81
Inventories ----1.75-0.69-0.69-0.71-0.73-0.75-0.77
Accounts Payable -55.00125.0042.00-45.0034.5327.6428.4229.2330.05
Capital Expenditure -11,636.00-11,006.00-10,769.00-12,670.00-13,938.00-13,117.36-13,488.30-13,869.72-14,261.93-14,665.23
UFCF -9,393.95-8,081.36-7,477.38-10,247.09-11,537.15-9,799.70-10,259.19-10,549.30-10,847.61-11,154.36
WACC
PV UFCF -7,613.38-10,259.19-13,578.71-17,972.31-23,787.52
SUM PV UFCF -121,296.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -22.31
Free cash flow (t + 1) -11,600.53
Terminal Value 44,091.73
Present Value of Terminal Value 155,787.10

Intrinsic Value

Enterprise Value 34,491.04
Net Debt 16,224.00
Equity Value 18,267.04
Shares Outstanding 109.00
Equity Value Per Share 167.59