Discounted Cash Flow (DCF) Analysis Levered

PGIM High Yield Bond Fund, Inc. (ISD)

$12.99

+0.01 (+0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 100,220,625.35 | 12.99 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 18.2133.083.59111.941,236.2213,651.80150,759.411,664,864.6918,385,416.13
Revenue (%)
Operating Cash Flow 50.9520.4745.8924.915,078.1756,079.22619,293.506,838,975.4475,524,101.42
Operating Cash Flow (%)
Capital Expenditure ---------
Capital Expenditure (%)
Free Cash Flow ----5,078.1756,079.22619,293.506,838,975.4475,524,101.42

Weighted Average Cost Of Capital

Share price $ 12.99
Beta 0.407
Diluted Shares Outstanding 31.93
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.473
Total Debt 190
Total Equity 414.76
Total Capital 604.76
Debt Weighting 31.42
Equity Weighting 68.58
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 18.2133.083.59111.941,236.2213,651.80150,759.411,664,864.6918,385,416.13
Operating Cash Flow 50.9520.4745.8924.915,078.1756,079.22619,293.506,838,975.4475,524,101.42
Capital Expenditure ---------
Free Cash Flow ----5,078.1756,079.22619,293.506,838,975.4475,524,101.42
WACC
PV LFCF 5,078.1753,911.96572,351.506,076,318.0264,508,682.04
SUM PV LFCF 68,464,085.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.02
Free cash flow (t + 1) 77,034,583.45
Terminal Value 3,813,593,240.07
Present Value of Terminal Value 3,131,483,458.06

Intrinsic Value

Enterprise Value 3,199,947,543.52
Net Debt 189.99
Equity Value 3,199,947,353.53
Shares Outstanding 31.93
Equity Value Per Share 100,220,625.35