Discounted Cash Flow (DCF) Analysis Levered
First Trust High Income Long/Short ... (FSD)
$11.09
+0.03 (+0.27%)
All numbers are in Millions, Currency in USD
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 | 64.77 | -10.25 | 56.58 | 0.35 | -0.67 | 1.27 | -2.39 | 4.52 | -8.54 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | 160.85 | 45.83 | 81.14 | -28.50 | 13.56 | -25.62 | 48.42 | -91.50 | 172.93 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | - | - | - | - | 13.56 | -25.62 | 48.42 | -91.50 | 172.93 |
Weighted Average Cost Of Capital
| Share price | $ 11.09 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 33.64 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 4.06% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.637 |
| Total Debt | 120.41 |
| Total Equity | 373.09 |
| Total Capital | 493.50 |
| Debt Weighting | 24.40 |
| Equity Weighting | 75.60 |
| 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 | 64.77 | -10.25 | 56.58 | 0.35 | -0.67 | 1.27 | -2.39 | 4.52 | -8.54 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 160.85 | 45.83 | 81.14 | -28.50 | 13.56 | -25.62 | 48.42 | -91.50 | 172.93 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | 13.56 | -25.62 | 48.42 | -91.50 | 172.93 |
| WACC | |||||||||
| PV LFCF | 12.60 | -22.95 | 41.81 | -76.16 | 138.73 | ||||
| SUM PV LFCF | 97.55 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.74 |
| Free cash flow (t + 1) | 176.38 |
| Terminal Value | 10,137.02 |
| Present Value of Terminal Value | 8,436.82 |
Intrinsic Value
| Enterprise Value | 8,534.37 |
|---|---|
| Net Debt | 87.64 |
| Equity Value | 8,446.73 |
| Shares Outstanding | 33.64 |
| Equity Value Per Share | 251.07 |