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 407.2775.01260.22226.161,013.812,282.365,138.2111,567.5426,041.7258,627.10
Revenue (%)
Operating Cash Flow 51.76-18.22196.61129.2371.68585.141,317.312,965.626,676.4215,030.47
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----585.141,317.312,965.626,676.4215,030.47

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 407.2775.01260.22226.161,013.812,282.365,138.2111,567.5426,041.7258,627.10
Operating Cash Flow 51.76-18.22196.61129.2371.68585.141,317.312,965.626,676.4215,030.47
Capital Expenditure ----------
Free Cash Flow -----585.141,317.312,965.626,676.4215,030.47
WACC
PV LFCF 545.531,145.012,403.275,044.2110,587.26
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