Discounted Cash Flow (DCF) Analysis Levered

Pioneer High Income Fund, Inc. (PHT)

$6.48

-0.05 (-0.77%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,164.25 | 6.48 | overvalue

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 18.245.49-53.6892.976.09-16.9647.25-131.59366.49-1,020.72
Revenue (%)
Operating Cash Flow 23.9121.2253.0512.4015.96-23.5565.59-182.67508.78-1,417.03
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow ------23.5565.59-182.67508.78-1,417.03

Weighted Average Cost Of Capital

Share price $ 6.48
Beta 0.873
Diluted Shares Outstanding 29.24
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.983
Total Debt 116.50
Total Equity 189.50
Total Capital 306
Debt Weighting 38.07
Equity Weighting 61.93
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 18.245.49-53.6892.976.09-16.9647.25-131.59366.49-1,020.72
Operating Cash Flow 23.9121.2253.0512.4015.96-23.5565.59-182.67508.78-1,417.03
Capital Expenditure ----------
Free Cash Flow ------23.5565.59-182.67508.78-1,417.03
WACC
PV LFCF -22.3559.08-156.19412.88-1,091.44
SUM PV LFCF -798.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.36
Free cash flow (t + 1) -1,445.38
Terminal Value -43,017.13
Present Value of Terminal Value -33,133.14

Intrinsic Value

Enterprise Value -33,931.16
Net Debt 116.49
Equity Value -34,047.65
Shares Outstanding 29.24
Equity Value Per Share -1,164.25