Discounted Cash Flow (DCF) Analysis Levered

Fidus Investment Corporation (FDUS)

$17.1

+0.16 (+0.94%)
All numbers are in Millions, Currency in USD
Stock DCF: 134.68 | 17.1 | 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 68.6176.4377.1139.97129.47190.32279.78411.28604.60888.79
Revenue (%)
Operating Cash Flow -28.208.15-68.7355.96167.9057.1484123.49181.54266.87
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----57.1484123.49181.54266.87

Weighted Average Cost Of Capital

Share price $ 17.1
Beta 1.581
Diluted Shares Outstanding 24.44
Cost of Debt
Tax Rate 2.16
After-tax Cost of Debt 4.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.440
Total Debt 366.04
Total Equity 417.97
Total Capital 784
Debt Weighting 46.69
Equity Weighting 53.31
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 68.6176.4377.1139.97129.47190.32279.78411.28604.60888.79
Operating Cash Flow -28.208.15-68.7355.96167.9057.1484123.49181.54266.87
Capital Expenditure ----------
Free Cash Flow -----57.1484123.49181.54266.87
WACC
PV LFCF 52.8171.7497.46132.40179.87
SUM PV LFCF 534.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.21
Free cash flow (t + 1) 272.20
Terminal Value 4,383.29
Present Value of Terminal Value 2,954.36

Intrinsic Value

Enterprise Value 3,488.64
Net Debt 196.62
Equity Value 3,292.02
Shares Outstanding 24.44
Equity Value Per Share 134.68