Discounted Cash Flow (DCF) Analysis Levered

Eaton Vance Floating-Rate 2022 Targ... (EFL)

$8.63

-0.01 (-0.12%)

All numbers are in Millions, Currency in USD

Stock DCF: -1.52 | 8.63 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	6.34	8.63	-8.21	-1.68	-0.34	-0.07	-0.01	-0
Revenue (%)
Operating Cash Flow	-351.46	20.76	24.89	31.42	6.43	1.32	0.27	0.06
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	31.42	6.43	1.32	0.27	0.06

Weighted Average Cost Of Capital

Share price	$ 8.63
Beta	0.000
Diluted Shares Outstanding	23.92
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	4.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.599
Total Debt	79.50
Total Equity	206.46
Total Capital	285.96
Debt Weighting	27.80
Equity Weighting	72.20
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	6.34	8.63	-8.21	-1.68	-0.34	-0.07	-0.01	-0
Operating Cash Flow	-351.46	20.76	24.89	31.42	6.43	1.32	0.27	0.06
Capital Expenditure	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	31.42	6.43	1.32	0.27	0.06
WACC
PV LFCF				29.12	5.74	1.13	0.22	0.04
SUM PV LFCF								37.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.86
Free cash flow (t + 1)	0.06
Terminal Value	3.02
Present Value of Terminal Value	2.50

Intrinsic Value

Enterprise Value	40.16
Net Debt	76.60
Equity Value	-36.44
Shares Outstanding	23.92
Equity Value Per Share	-1.52