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
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 | 18.21 | 33.08 | 3.59 | 111.94 | 1,236.22 | 13,651.80 | 150,759.41 | 1,664,864.69 | 18,385,416.13 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | 50.95 | 20.47 | 45.89 | 24.91 | 5,078.17 | 56,079.22 | 619,293.50 | 6,838,975.44 | 75,524,101.42 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | - | - | - | - | 5,078.17 | 56,079.22 | 619,293.50 | 6,838,975.44 | 75,524,101.42 |
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 | 18.21 | 33.08 | 3.59 | 111.94 | 1,236.22 | 13,651.80 | 150,759.41 | 1,664,864.69 | 18,385,416.13 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 50.95 | 20.47 | 45.89 | 24.91 | 5,078.17 | 56,079.22 | 619,293.50 | 6,838,975.44 | 75,524,101.42 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | 5,078.17 | 56,079.22 | 619,293.50 | 6,838,975.44 | 75,524,101.42 |
| WACC | |||||||||
| PV LFCF | 5,078.17 | 53,911.96 | 572,351.50 | 6,076,318.02 | 64,508,682.04 | ||||
| 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 |