Discounted Cash Flow

Hamilton Lane Inc.

HLNE · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $179.8m $612.0k $81.7m 0.3% $0.03
2018 $244.0m (35.7%) $17.3m (2733.5%) $96.7m (18.4%) 7.1% (1987.9%) $0.94 (3033.3%)
2019 $252.2m (3.3%) $33.6m (93.6%) $111.6m (15.4%) 13.3% (87.4%) $1.41 (50.0%)
2020 $274.0m (8.7%) $60.8m (81.2%) $116.4m (4.3%) 22.2% (66.7%) $2.17 (53.9%)
2021 $341.6m (24.7%) $98.0m (61.2%) $188.2m (61.7%) 28.7% (29.3%) $2.82 (30.0%)
2022 $367.9m (7.7%) $146.0m (48.9%) $169.5m (-9.9%) 39.7% (38.3%) $4.02 (42.6%)
2023 $528.8m (43.7%) $109.1m (-25.3%) $226.6m (33.7%) 20.6% (-48.0%) $3.05 (-24.1%)
2024 $553.8m (4.7%) $140.9m (29.1%) $120.9m (-46.7%) 25.4% (23.2%) $3.72 (22.0%)
2025 $713.0m (28.7%) $217.4m (54.4%) $300.8m (148.9%) 30.5% (19.9%) $5.45 (46.5%)
2026 $759.0m (6.5%) $249.2m (14.6%) $424.9m (41.3%) 32.8% (7.7%) $5.99 (9.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model