Discounted Cash Flow (DCF) Analysis Levered

Royce Global Value Trust, Inc. (RGT)

$8.96

+0.07 (+0.79%)

All numbers are in Millions, Currency in USD

Stock DCF: 15.00 | 8.96 | 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	-20.46	34.53	25	13.10	-23.92	13.55	-7.68	4.35	-2.46	1.40
Revenue (%)
Operating Cash Flow	0.26	50.10	83.61	11.05	0.44	15.20	-8.61	4.88	-2.76	1.57
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	15.20	-8.61	4.88	-2.76	1.57

Weighted Average Cost Of Capital

Share price	$ 8.96
Beta	0.000
Diluted Shares Outstanding	5.83
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	2.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.693
Total Debt	4
Total Equity	52.21
Total Capital	56.21
Debt Weighting	7.12
Equity Weighting	92.88
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	-20.46	34.53	25	13.10	-23.92	13.55	-7.68	4.35	-2.46	1.40
Operating Cash Flow	0.26	50.10	83.61	11.05	0.44	15.20	-8.61	4.88	-2.76	1.57
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	15.20	-8.61	4.88	-2.76	1.57
WACC
PV LFCF						14.67	-8.02	4.38	-2.40	1.31
SUM PV LFCF										9.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.64
Free cash flow (t + 1)	1.60
Terminal Value	97.40
Present Value of Terminal Value	81.46

Intrinsic Value

Enterprise Value	91.41
Net Debt	4
Equity Value	87.41
Shares Outstanding	5.83
Equity Value Per Share	15.00