Discounted Cash Flow (DCF) Analysis Levered

Eagle Point Credit Company Inc. (ECCB)

$24.99

0.00 (-%)

All numbers are in Millions, Currency in USD

Stock DCF: 15,485.19 | 24.99 | 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	35.10	-49.60	-5.37	64.06	140.84	-388.39	1,071.06	-2,953.66	8,145.29	-22,462.18
Revenue (%)
Operating Cash Flow	-29.02	-45.80	26.94	1.22	-114.71	443.89	-1,224.11	3,375.72	-9,309.20	25,671.90
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	443.89	-1,224.11	3,375.72	-9,309.20	25,671.90

Weighted Average Cost Of Capital

Share price	$ 24.99
Beta	1.083
Diluted Shares Outstanding	16.32
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	10.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.628
Total Debt	140.69
Total Equity	407.91
Total Capital	548.61
Debt Weighting	25.65
Equity Weighting	74.35
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	35.10	-49.60	-5.37	64.06	140.84	-388.39	1,071.06	-2,953.66	8,145.29	-22,462.18
Operating Cash Flow	-29.02	-45.80	26.94	1.22	-114.71	443.89	-1,224.11	3,375.72	-9,309.20	25,671.90
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	443.89	-1,224.11	3,375.72	-9,309.20	25,671.90
WACC
PV LFCF						342.29	-865.60	2,188.96	-5,535.52	13,998.40
SUM PV LFCF										12,044.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.05
Free cash flow (t + 1)	26,185.34
Terminal Value	371,423.27
Present Value of Terminal Value	240,846.73

Intrinsic Value

Enterprise Value	252,891.49
Net Debt	126.78
Equity Value	252,764.71
Shares Outstanding	16.32
Equity Value Per Share	15,485.19