Discounted Cash Flow (DCF) Analysis Levered

Barings Corporate Investors (MCI)

$15.98

-0.01 (-0.06%)

All numbers are in Millions, Currency in USD

Stock DCF: Infinity | 15.98 | 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	10.99	39.95	16.22	54.45	16.21	31.19	60	115.44	222.10	427.30
Revenue (%)
Operating Cash Flow	41.75	18.94	25.83	2.83	3.92	38.42	73.91	142.20	273.58	526.34
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	38.42	73.91	142.20	273.58	526.34

Weighted Average Cost Of Capital

Share price	$ 15.98
Beta	0.704
Diluted Shares Outstanding	-
Cost of Debt
Tax Rate	5.10
After-tax Cost of Debt	3.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.127
Total Debt	46
Total Equity	-
Total Capital	46
Debt Weighting	100.00
Equity Weighting	0.00
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	10.99	39.95	16.22	54.45	16.21	31.19	60	115.44	222.10	427.30
Operating Cash Flow	41.75	18.94	25.83	2.83	3.92	38.42	73.91	142.20	273.58	526.34
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	38.42	73.91	142.20	273.58	526.34
WACC
PV LFCF						37.11	68.96	128.14	238.13	442.52
SUM PV LFCF										914.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.53
Free cash flow (t + 1)	536.87
Terminal Value	35,089.41
Present Value of Terminal Value	29,501.56

Intrinsic Value

Enterprise Value	30,416.42
Net Debt	32.79
Equity Value	30,383.64
Shares Outstanding	-
Equity Value Per Share	Infinity