Discounted Cash Flow (DCF) Analysis Levered

Calamos Strategic Total Return Fund (CSQ)

$13.45

+0.34 (+2.59%)
All numbers are in Millions, Currency in USD
Stock DCF: 46.76 | 13.45 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 407.2775.01260.22226.16340.92513.91774.691,167.801,760.40
Revenue (%)
Operating Cash Flow 51.76-18.22196.61129.23103.23155.61234.57353.60533.03
Operating Cash Flow (%)
Capital Expenditure ---------
Capital Expenditure (%)
Free Cash Flow ----103.23155.61234.57353.60533.03

Weighted Average Cost Of Capital

Share price $ 13.45
Beta 1.328
Diluted Shares Outstanding 154.81
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.159
Total Debt 703
Total Equity 2,082.14
Total Capital 2,785.14
Debt Weighting 25.24
Equity Weighting 74.76
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 407.2775.01260.22226.16340.92513.91774.691,167.801,760.40
Operating Cash Flow 51.76-18.22196.61129.23103.23155.61234.57353.60533.03
Capital Expenditure ---------
Free Cash Flow ----103.23155.61234.57353.60533.03
WACC
PV LFCF 103.23144.75202.98284.64399.14
SUM PV LFCF 1,055.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.50
Free cash flow (t + 1) 543.70
Terminal Value 9,885.37
Present Value of Terminal Value 6,885.74

Intrinsic Value

Enterprise Value 7,941.30
Net Debt 702.91
Equity Value 7,238.40
Shares Outstanding 154.81
Equity Value Per Share 46.76