Discounted Cash Flow (DCF) Analysis Levered

BlackRock Enhanced Government Fund,... (EGF)

$9.6601

-0.18 (-1.83%)

All numbers are in Millions, Currency in USD

Stock DCF: 33,929.89 | 9.6601 | undervalue

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	3.29	-0.23	2.56	1.29	-4.62	16.50	-58.95	210.66	-752.73
Revenue (%)
Operating Cash Flow	18.54	11.32	8.46	13.93	34.11	-121.87	435.47	-1,556.07	5,560.24
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	34.11	-121.87	435.47	-1,556.07	5,560.24

Weighted Average Cost Of Capital

Share price	$ 9.6,601
Beta	0.220
Diluted Shares Outstanding	4.94
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.735
Total Debt	-
Total Equity	47.72
Total Capital	47.72
Debt Weighting	0.00
Equity Weighting	100.00
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	3.29	-0.23	2.56	1.29	-4.62	16.50	-58.95	210.66	-752.73
Operating Cash Flow	18.54	11.32	8.46	13.93	34.11	-121.87	435.47	-1,556.07	5,560.24
Capital Expenditure	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	34.11	-121.87	435.47	-1,556.07	5,560.24
WACC
PV LFCF					31.09	-106.06	361.84	-1,234.43	4,211.32
SUM PV LFCF									3,418.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.74
Free cash flow (t + 1)	5,671.44
Terminal Value	206,986.91
Present Value of Terminal Value	164,202.61

Intrinsic Value

Enterprise Value	167,621.06
Net Debt	-0.01
Equity Value	167,621.07
Shares Outstanding	4.94
Equity Value Per Share	33,929.89