Discounted Cash Flow (DCF) Analysis Levered

Barings Participation Investors (MPV)

$11.47

+0.14 (+1.28%)

All numbers are in Millions, Currency in USD

Stock DCF: 3,641.33 | 11.47 | 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	19.96	4.61	18.59	7.04	26.45	55.56	116.71	245.16	515	1,081.82
Revenue (%)
Operating Cash Flow	11.82	21.02	7.15	8.51	1.51	75.62	158.86	333.71	701	1,472.55
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	75.62	158.86	333.71	701	1,472.55

Weighted Average Cost Of Capital

Share price	$ 11.47
Beta	0.416
Diluted Shares Outstanding	10.54
Cost of Debt
Tax Rate	0.96
After-tax Cost of Debt	2.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.614
Total Debt	21
Total Equity	120.88
Total Capital	141.88
Debt Weighting	14.80
Equity Weighting	85.20
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	19.96	4.61	18.59	7.04	26.45	55.56	116.71	245.16	515	1,081.82
Operating Cash Flow	11.82	21.02	7.15	8.51	1.51	75.62	158.86	333.71	701	1,472.55
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	75.62	158.86	333.71	701	1,472.55
WACC
PV LFCF						71.87	143.49	286.47	571.91	1,141.77
SUM PV LFCF										2,215.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.22
Free cash flow (t + 1)	1,502
Terminal Value	46,645.87
Present Value of Terminal Value	36,167.77

Intrinsic Value

Enterprise Value	38,383.27
Net Debt	9.39
Equity Value	38,373.88
Shares Outstanding	10.54
Equity Value Per Share	3,641.33