Discounted Cash Flow (DCF) Analysis Levered
Royce Micro-Cap Trust, Inc. (RMT)
$8.48
+0.23 (+2.79%)
All numbers are in Millions, Currency in USD
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 | -46.47 | 75.43 | 25 | 96.30 | -101.83 | -38.27 | -14.38 | -5.40 | -2.03 | -0.76 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 40.26 | 15.39 | 13.99 | 20.87 | 32.68 | 1.58 | 0.59 | 0.22 | 0.08 | 0.03 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | 1.58 | 0.59 | 0.22 | 0.08 | 0.03 |
Weighted Average Cost Of Capital
Share price | $ 8.48 |
---|---|
Beta | 1.343 |
Diluted Shares Outstanding | 43.76 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 5.57% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.032 |
Total Debt | 11 |
Total Equity | 371.13 |
Total Capital | 382.13 |
Debt Weighting | 2.88 |
Equity Weighting | 97.12 |
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 | -46.47 | 75.43 | 25 | 96.30 | -101.83 | -38.27 | -14.38 | -5.40 | -2.03 | -0.76 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 40.26 | 15.39 | 13.99 | 20.87 | 32.68 | 1.58 | 0.59 | 0.22 | 0.08 | 0.03 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | 1.58 | 0.59 | 0.22 | 0.08 | 0.03 |
WACC | ||||||||||
PV LFCF | 1.44 | 0.49 | 0.17 | 0.06 | 0.02 | |||||
SUM PV LFCF | 2.18 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.90 |
Free cash flow (t + 1) | 0.03 |
Terminal Value | 0.41 |
Present Value of Terminal Value | 0.25 |
Intrinsic Value
Enterprise Value | 2.43 |
---|---|
Net Debt | 11 |
Equity Value | -8.57 |
Shares Outstanding | 43.76 |
Equity Value Per Share | -0.20 |