Discounted Cash Flow (DCF) Analysis Levered

Gladstone Investment Corporation (GAINM)

$25.03

-0.01 (-0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 2,303.74 | 25.03 | 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 49.4065.3399.238.0148.73109.74247.16556.651,253.662,823.45
Revenue (%)
Operating Cash Flow 32.48-28.8393.6235.31-29.73108.86245.17552.171,243.582,800.76
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----108.86245.17552.171,243.582,800.76

Weighted Average Cost Of Capital

Share price $ 25.03
Beta 1.457
Diluted Shares Outstanding 14.60
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.568
Total Debt 151.38
Total Equity 365.33
Total Capital 516.71
Debt Weighting 29.30
Equity Weighting 70.70
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 49.4065.3399.238.0148.73109.74247.16556.651,253.662,823.45
Operating Cash Flow 32.48-28.8393.6235.31-29.73108.86245.17552.171,243.582,800.76
Capital Expenditure ----------
Free Cash Flow -----108.86245.17552.171,243.582,800.76
WACC
PV LFCF 100.49208.92434.34902.981,877.29
SUM PV LFCF 3,524.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.33
Free cash flow (t + 1) 2,856.77
Terminal Value 45,130.68
Present Value of Terminal Value 30,250.20

Intrinsic Value

Enterprise Value 33,774.22
Net Debt 149.32
Equity Value 33,624.90
Shares Outstanding 14.60
Equity Value Per Share 2,303.74