Discounted Cash Flow (DCF) Analysis Levered

Calamos Strategic Total Return Fund (CSQ)

$15.53

-0.04 (-0.26%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,444.95 | 15.53 | undervalue

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	407.27	75.01	260.22	226.16	1,013.81	2,282.36	5,138.21	11,567.54	26,041.72	58,627.10
Revenue (%)
Operating Cash Flow	51.76	-18.22	196.61	129.23	71.68	585.14	1,317.31	2,965.62	6,676.42	15,030.47
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	585.14	1,317.31	2,965.62	6,676.42	15,030.47

Weighted Average Cost Of Capital

Share price	$ 15.53
Beta	1.360
Diluted Shares Outstanding	155.24
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	1.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.268
Total Debt	880
Total Equity	2,410.88
Total Capital	3,290.88
Debt Weighting	26.74
Equity Weighting	73.26
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	407.27	75.01	260.22	226.16	1,013.81	2,282.36	5,138.21	11,567.54	26,041.72	58,627.10
Operating Cash Flow	51.76	-18.22	196.61	129.23	71.68	585.14	1,317.31	2,965.62	6,676.42	15,030.47
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	585.14	1,317.31	2,965.62	6,676.42	15,030.47
WACC
PV LFCF						545.53	1,145.01	2,403.27	5,044.21	10,587.26
SUM PV LFCF										19,725.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.26
Free cash flow (t + 1)	15,331.08
Terminal Value	291,465.46
Present Value of Terminal Value	205,304.34

Intrinsic Value

Enterprise Value	225,029.62
Net Debt	715.35
Equity Value	224,314.27
Shares Outstanding	155.24
Equity Value Per Share	1,444.95