Discounted Cash Flow (DCF) Analysis Levered

Oxford Lane Capital Corp. (OXLCO)

$21.25

+0.05 (+0.24%)

All numbers are in Millions, Currency in USD

Stock DCF: 5,543.90 | 21.25 | 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	40.42	-18.57	-288.16	293.35	130.15	471.18	1,705.85	6,175.85	22,359.04	80,948.59
Revenue (%)
Operating Cash Flow	-71.15	-83.40	-271.22	-7.94	-385.50	64.31	232.82	842.89	3,051.60	11,047.99
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	64.31	232.82	842.89	3,051.60	11,047.99

Weighted Average Cost Of Capital

Share price	$ 21.25
Beta	1.118
Diluted Shares Outstanding	18.50
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	11.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.803
Total Debt	193.58
Total Equity	393.20
Total Capital	586.78
Debt Weighting	32.99
Equity Weighting	67.01
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	40.42	-18.57	-288.16	293.35	130.15	471.18	1,705.85	6,175.85	22,359.04	80,948.59
Operating Cash Flow	-71.15	-83.40	-271.22	-7.94	-385.50	64.31	232.82	842.89	3,051.60	11,047.99
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	64.31	232.82	842.89	3,051.60	11,047.99
WACC
PV LFCF						58.64	193.61	639.18	2,110.25	6,966.94
SUM PV LFCF										9,968.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.66
Free cash flow (t + 1)	11,268.95
Terminal Value	147,114.21
Present Value of Terminal Value	92,771.25

Intrinsic Value

Enterprise Value	102,739.88
Net Debt	158.91
Equity Value	102,580.97
Shares Outstanding	18.50
Equity Value Per Share	5,543.90