Discounted Cash Flow (DCF) Analysis Unlevered

AGNC Investment Corp. (AGNCN)

$25.675

-0.03 (-0.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.97 | 25.675 | overvalue

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 229771-1738372,549860.08290.2197.9233.0411.15
Revenue (%)
EBITDA 1,327688-266749-5651,530.58516.45174.2658.8019.84
EBITDA (%)
EBIT 1,30287-1,348380-5782,376.85802270.6191.3130.81
EBIT (%)
Depreciation 256011,08236913-846.27-285.55-96.35-32.51-10.97
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 9218311,0179981,018139.8147.1715.925.371.81
Total Cash (%)
Account Receivables 4891,646.37-369.421,787.315,443.061,836.60619.70209.1070.5523.81
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 518424219400486380.95128.5443.3714.634.94
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.675
Beta 1.443
Diluted Shares Outstanding 537
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 657.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.108
Total Debt 95
Total Equity 13,787.48
Total Capital 13,882.48
Debt Weighting 0.68
Equity Weighting 99.32
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 229771-1738372,549860.08290.2197.9233.0411.15
EBITDA 1,327688-266749-5651,530.58516.45174.2658.8019.84
EBIT 1,30287-1,348380-5782,376.85802270.6191.3130.81
Tax Rate 0.00%0.00%0.00%13.35%0.00%2.67%2.67%2.67%2.67%2.67%
EBIAT 1,30287-1,348329.27-5782,313.39780.58263.3888.8729.99
Depreciation 256011,08236913-846.27-285.55-96.35-32.51-10.97
Accounts Receivable --1,157.372,015.79-2,156.72-3,655.763,606.471,216.89410.60138.5546.75
Inventories ----------
Accounts Payable --94-20518186-105.05-252.41-85.17-28.74-9.70
Capital Expenditure ----------
UFCF -----4,968.531,459.52492.47166.1756.07
WACC
PV UFCF 4,300.641,093.50319.3793.2827.24
SUM PV UFCF 5,834.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.53
Free cash flow (t + 1) 57.19
Terminal Value 422.69
Present Value of Terminal Value 205.38

Intrinsic Value

Enterprise Value 6,039.41
Net Debt -923
Equity Value 6,962.41
Shares Outstanding 537
Equity Value Per Share 12.97