Discounted Cash Flow (DCF) Analysis Levered

BlackRock Enhanced Global Dividend ... (BOE)

$10.15

+0.01 (+0.10%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.39 | 10.15 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	147.73	-90.34	131.40	42.86	119.89	31.69	8.38	2.21	0.59	0.15
Revenue (%)
Operating Cash Flow	161.74	67.02	80.99	61.68	50.70	17.94	4.74	1.25	0.33	0.09
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	17.94	4.74	1.25	0.33	0.09

Weighted Average Cost Of Capital

Share price	$ 10.15
Beta	0.909
Diluted Shares Outstanding	59.12
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.810
Total Debt	-
Total Equity	600.06
Total Capital	600.06
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	147.73	-90.34	131.40	42.86	119.89	31.69	8.38	2.21	0.59	0.15
Operating Cash Flow	161.74	67.02	80.99	61.68	50.70	17.94	4.74	1.25	0.33	0.09
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	17.94	4.74	1.25	0.33	0.09
WACC
PV LFCF						16.64	4.08	1	0.25	0.06
SUM PV LFCF										22.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.81
Free cash flow (t + 1)	0.09
Terminal Value	1.54
Present Value of Terminal Value	1.06

Intrinsic Value

Enterprise Value	23.09
Net Debt	-0.06
Equity Value	23.14
Shares Outstanding	59.12
Equity Value Per Share	0.39