Discounted Cash Flow (DCF) Analysis Unlevered
Virtus Diversified Income & Convert... (ACV)
$18.5
-0.23 (-1.23%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2.19 | 49.65 | 133.57 | 1.18 | -36.37 | 49.67 | -67.84 | 92.65 | -126.53 | 172.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 5.81 | 49.24 | 131.68 | 1.33 | -35.32 | 66.85 | -91.30 | 124.69 | -170.28 | 232.56 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 66.85 | -91.30 | 124.69 | -170.28 | 232.56 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 2.07 | 0.22 | 0.13 | 0.10 | 0.10 | 10.26 | -14.01 | 19.14 | -26.14 | 35.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.32 | 8.48 | 4.33 | 4.42 | 4.25 | 66.71 | -91.11 | 124.42 | -169.92 | 232.06 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.47 | 7.86 | 9.16 | 4.85 | 7 | 70.46 | -96.22 | 131.41 | -179.46 | 245.09 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 18.5 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | - |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.70% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.438 |
| Total Debt | 75 |
| Total Equity | - |
| Total Capital | 75 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2.19 | 49.65 | 133.57 | 1.18 | -36.37 | 49.67 | -67.84 | 92.65 | -126.53 | 172.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5.81 | 49.24 | 131.68 | 1.33 | -35.32 | 66.85 | -91.30 | 124.69 | -170.28 | 232.56 |
| EBIT | - | - | - | - | - | 66.85 | -91.30 | 124.69 | -170.28 | 232.56 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 377.29% | 0.00% | 75.46% | 75.46% | 75.46% | 75.46% | 75.46% |
| EBIAT | - | - | - | - | - | 16.41 | -22.41 | 30.60 | -41.79 | 57.07 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -2.15 | 4.14 | -0.09 | 0.17 | -62.46 | 157.82 | -215.53 | 294.35 | -401.99 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.39 | 1.30 | -4.31 | 2.15 | 63.46 | -166.68 | 227.63 | -310.87 | 424.55 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 17.41 | -31.27 | 42.70 | -58.31 | 79.64 |
| WACC | ||||||||||
| PV UFCF | 16.79 | -29.07 | 38.29 | -50.43 | 66.41 | |||||
| SUM PV UFCF | 41.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.70 |
| Free cash flow (t + 1) | 81.23 |
| Terminal Value | 4,778.38 |
| Present Value of Terminal Value | 3,984.62 |
Intrinsic Value
| Enterprise Value | 4,026.60 |
|---|---|
| Net Debt | 74.90 |
| Equity Value | 3,951.71 |
| Shares Outstanding | - |
| Equity Value Per Share | Infinity |