Discounted Cash Flow (DCF) Analysis Levered

Western Asset Inflation-Linked Oppo... (WIW)

$9.66

+0.01 (+0.10%)

All numbers are in Millions, Currency in USD

Stock DCF: -7.22 | 9.66 | overvalue

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	52.37	-22.21	76.02	82.26	85.28	-36.85	15.92	-6.88	2.97	-1.28
Revenue (%)
Operating Cash Flow	102.51	-10.04	3.62	-14.42	11.56	-17.81	7.70	-3.33	1.44	-0.62
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	-17.81	7.70	-3.33	1.44	-0.62

Weighted Average Cost Of Capital

Share price	$ 9.66
Beta	0.582
Diluted Shares Outstanding	61.29
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	0.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.266
Total Debt	400.63
Total Equity	592.06
Total Capital	992.69
Debt Weighting	40.36
Equity Weighting	59.64
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	52.37	-22.21	76.02	82.26	85.28	-36.85	15.92	-6.88	2.97	-1.28
Operating Cash Flow	102.51	-10.04	3.62	-14.42	11.56	-17.81	7.70	-3.33	1.44	-0.62
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-17.81	7.70	-3.33	1.44	-0.62
WACC
PV LFCF						-17.17	7.15	-2.98	1.24	-0.52
SUM PV LFCF										-12.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.76
Free cash flow (t + 1)	-0.63
Terminal Value	-35.99
Present Value of Terminal Value	-29.93

Intrinsic Value

Enterprise Value	-42.20
Net Debt	400.18
Equity Value	-442.37
Shares Outstanding	61.29
Equity Value Per Share	-7.22