Discounted Cash Flow (DCF) Analysis Levered
Fidus Investment Corporation (FDUS)
$18.8
-0.28 (-1.47%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 55.20 | 53.94 | 39.97 | 127.25 | 52.95 | 70.40 | 93.59 | 124.43 | 165.42 | 219.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8.15 | -68.73 | 55.96 | 167.90 | -105.54 | -5.63 | -7.49 | -9.96 | -13.24 | -17.60 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | -5.63 | -7.49 | -9.96 | -13.24 | -17.60 |
Weighted Average Cost Of Capital
| Share price | $ 18.8 |
|---|---|
| Beta | 1.538 |
| Diluted Shares Outstanding | 24.47 |
| Cost of Debt | |
| Tax Rate | 24.81 |
| After-tax Cost of Debt | 3.42% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.816 |
| Total Debt | 410.10 |
| Total Equity | 460 |
| Total Capital | 870.11 |
| Debt Weighting | 47.13 |
| Equity Weighting | 52.87 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 55.20 | 53.94 | 39.97 | 127.25 | 52.95 | 70.40 | 93.59 | 124.43 | 165.42 | 219.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8.15 | -68.73 | 55.96 | 167.90 | -105.54 | -5.63 | -7.49 | -9.96 | -13.24 | -17.60 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | -5.63 | -7.49 | -9.96 | -13.24 | -17.60 |
| WACC | ||||||||||
| PV LFCF | -5.22 | -6.44 | -7.94 | -9.78 | -12.06 | |||||
| SUM PV LFCF | -41.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.86 |
| Free cash flow (t + 1) | -17.95 |
| Terminal Value | -306.36 |
| Present Value of Terminal Value | -209.86 |
Intrinsic Value
| Enterprise Value | -251.29 |
|---|---|
| Net Debt | 347.75 |
| Equity Value | -599.05 |
| Shares Outstanding | 24.47 |
| Equity Value Per Share | -24.48 |