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
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 | 407.27 | 75.01 | 260.22 | 226.16 | 340.92 | 513.91 | 774.69 | 1,167.80 | 1,760.40 |
---|---|---|---|---|---|---|---|---|---|
Revenue (%) | |||||||||
Operating Cash Flow | 51.76 | -18.22 | 196.61 | 129.23 | 103.23 | 155.61 | 234.57 | 353.60 | 533.03 |
Operating Cash Flow (%) | |||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | |||||||||
Free Cash Flow | - | - | - | - | 103.23 | 155.61 | 234.57 | 353.60 | 533.03 |
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 | 407.27 | 75.01 | 260.22 | 226.16 | 340.92 | 513.91 | 774.69 | 1,167.80 | 1,760.40 |
---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 51.76 | -18.22 | 196.61 | 129.23 | 103.23 | 155.61 | 234.57 | 353.60 | 533.03 |
Capital Expenditure | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | 103.23 | 155.61 | 234.57 | 353.60 | 533.03 |
WACC | |||||||||
PV LFCF | 103.23 | 144.75 | 202.98 | 284.64 | 399.14 | ||||
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 |