Discounted Cash Flow (DCF) Analysis Levered

Wells Fargo Advantage Funds - Allsp... (EAD)

$6.86

-0.10 (-1.44%)

All numbers are in Millions, Currency in USD

Stock DCF: -2.98 | 6.86 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	25.72	37.36	-43.47	138.58	-28.72	22.30	-17.32	13.45	-10.44	8.11
Revenue (%)
Operating Cash Flow	61.84	89.72	131.71	12.87	43.91	1.52	-1.18	0.91	-0.71	0.55
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	1.52	-1.18	0.91	-0.71	0.55

Weighted Average Cost Of Capital

Share price	$ 6.86
Beta	0.834
Diluted Shares Outstanding	60.46
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	0.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.569
Total Debt	194
Total Equity	414.75
Total Capital	608.75
Debt Weighting	31.87
Equity Weighting	68.13
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	25.72	37.36	-43.47	138.58	-28.72	22.30	-17.32	13.45	-10.44	8.11
Operating Cash Flow	61.84	89.72	131.71	12.87	43.91	1.52	-1.18	0.91	-0.71	0.55
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	1.52	-1.18	0.91	-0.71	0.55
WACC
PV LFCF						1.16	-0.86	0.63	-0.47	0.34
SUM PV LFCF										1.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.42
Free cash flow (t + 1)	0.56
Terminal Value	16.45
Present Value of Terminal Value	12.63

Intrinsic Value

Enterprise Value	13.64
Net Debt	194
Equity Value	-180.36
Shares Outstanding	60.46
Equity Value Per Share	-2.98