Discounted Cash Flow (DCF) Analysis Levered

The New America High Income Fund In... (HYB)

$6.37

-0.03 (-0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.67 | 6.37 | 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 21.1020.7720.0911.5917.0517.0517.0417.0417.0417.04
Revenue (%)
Operating Cash Flow 16.4814.7916.7924.0712.6017.5417.5417.5417.5317.53
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----17.5417.5417.5417.5317.53

Weighted Average Cost Of Capital

Share price $ 6.37
Beta 0.745
Diluted Shares Outstanding 23.37
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.479
Total Debt 84
Total Equity 148.86
Total Capital 232.86
Debt Weighting 36.07
Equity Weighting 63.93
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 21.1020.7720.0911.5917.0517.0517.0417.0417.0417.04
Operating Cash Flow 16.4814.7916.7924.0712.6017.5417.5417.5417.5317.53
Capital Expenditure ----------
Free Cash Flow -----17.5417.5417.5417.5317.53
WACC
PV LFCF 16.6815.8615.0914.3513.65
SUM PV LFCF 75.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.14
Free cash flow (t + 1) 17.88
Terminal Value 569.51
Present Value of Terminal Value 443.26

Intrinsic Value

Enterprise Value 518.89
Net Debt 82.69
Equity Value 436.20
Shares Outstanding 23.37
Equity Value Per Share 18.67