Discounted Cash Flow (DCF) Analysis Levered

FS KKR Capital Corp. (FSK)

$19.825

-0.07 (-0.38%)

All numbers are in Millions, Currency in USD

Stock DCF: 780.53 | 19.825 | undervalue

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	394	779	639	1,081	1,635	2,453.17	3,680.75	5,522.63	8,286.21	12,432.70
Revenue (%)
Operating Cash Flow	280	-256	675	-639	1,107	747.88	1,122.13	1,683.65	2,526.16	3,790.27
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	747.88	1,122.13	1,683.65	2,526.16	3,790.27

Weighted Average Cost Of Capital

Share price	$ 19.825
Beta	1.415
Diluted Shares Outstanding	124.29
Cost of Debt
Tax Rate	20.69
After-tax Cost of Debt	3.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.001
Total Debt	8,694
Total Equity	2,464.06
Total Capital	11,158.06
Debt Weighting	77.92
Equity Weighting	22.08
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	394	779	639	1,081	1,635	2,453.17	3,680.75	5,522.63	8,286.21	12,432.70
Operating Cash Flow	280	-256	675	-639	1,107	747.88	1,122.13	1,683.65	2,526.16	3,790.27
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	747.88	1,122.13	1,683.65	2,526.16	3,790.27
WACC
PV LFCF						711.59	1,015.87	1,450.25	2,070.38	2,955.68
SUM PV LFCF										8,203.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.10
Free cash flow (t + 1)	3,866.08
Terminal Value	124,712.19
Present Value of Terminal Value	97,251.28

Intrinsic Value

Enterprise Value	105,455.05
Net Debt	8,443
Equity Value	97,012.05
Shares Outstanding	124.29
Equity Value Per Share	780.53