Discounted Cash Flow (DCF) Analysis Levered

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

$6.16

+0.05 (+0.82%)

All numbers are in Millions, Currency in USD

Stock DCF: -7.85 | 6.16 | overvalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	37.36	-43.47	138.58	-28.72	-9.39	9.94	-10.51	11.12	-11.76	12.44
Revenue (%)
Operating Cash Flow	89.72	131.71	12.87	43.91	49.14	-14.50	15.34	-16.23	17.17	-18.16
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	-14.50	15.34	-16.23	17.17	-18.16

Weighted Average Cost Of Capital

Share price	$ 6.16
Beta	0.845
Diluted Shares Outstanding	60.27
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	3.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.427
Total Debt	189
Total Equity	371.25
Total Capital	560.25
Debt Weighting	33.74
Equity Weighting	66.26
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	37.36	-43.47	138.58	-28.72	-9.39	9.94	-10.51	11.12	-11.76	12.44
Operating Cash Flow	89.72	131.71	12.87	43.91	49.14	-14.50	15.34	-16.23	17.17	-18.16
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-14.50	15.34	-16.23	17.17	-18.16
WACC
PV LFCF						-13.56	13.42	-13.28	13.15	-13.01
SUM PV LFCF										-13.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.90
Free cash flow (t + 1)	-18.53
Terminal Value	-378.09
Present Value of Terminal Value	-270.84

Intrinsic Value

Enterprise Value	-284.13
Net Debt	189
Equity Value	-473.12
Shares Outstanding	60.27
Equity Value Per Share	-7.85