Discounted Cash Flow (DCF) Analysis Unlevered
Advent Convertible and Income Fund (AVK)
$11.475
+0.04 (+0.31%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 60.76 | -13.35 | 56.95 | 43.13 | 193.70 | 36.91 | 7.03 | 1.34 | 0.26 | 0.05 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 63.21 | -7.39 | 67.52 | 50.98 | 198.86 | 36.82 | 7.01 | 1.34 | 0.25 | 0.05 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | 36.82 | 7.01 | 1.34 | 0.25 | 0.05 |
EBIT (%) | ||||||||||
Depreciation | - | - | - | - | - | - | - | - | - | - |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Total Cash | 0.01 | -0 | 0.01 | 0 | 0.02 | 0 | 0 | 0 | 0 | 0 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 6.68 | 28.06 | 18.07 | 15.53 | 36.59 | -8.31 | -1.58 | -0.30 | -0.06 | -0.01 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 2.55 | 21.47 | 16.08 | 28.21 | 21.72 | -3.82 | -0.73 | -0.14 | -0.03 | -0.01 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 11.475 |
---|---|
Beta | 1.327 |
Diluted Shares Outstanding | 34.53 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 2.87% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.018 |
Total Debt | 324.03 |
Total Equity | 396.20 |
Total Capital | 720.23 |
Debt Weighting | 44.99 |
Equity Weighting | 55.01 |
Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 60.76 | -13.35 | 56.95 | 43.13 | 193.70 | 36.91 | 7.03 | 1.34 | 0.26 | 0.05 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 63.21 | -7.39 | 67.52 | 50.98 | 198.86 | 36.82 | 7.01 | 1.34 | 0.25 | 0.05 |
EBIT | - | - | - | - | - | 36.82 | 7.01 | 1.34 | 0.25 | 0.05 |
Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EBIAT | - | - | - | - | - | 36.82 | 7.01 | 1.34 | 0.25 | 0.05 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | -21.38 | 9.98 | 2.54 | -21.06 | 44.90 | -6.73 | -1.28 | -0.24 | -0.05 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 18.92 | -5.39 | 12.13 | -6.49 | -25.54 | 3.09 | 0.59 | 0.11 | 0.02 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
UFCF | - | - | - | - | - | 56.17 | 3.38 | 0.64 | 0.12 | 0.02 |
WACC | ||||||||||
PV UFCF | 52.60 | 2.97 | 0.53 | 0.09 | 0.02 | |||||
SUM PV UFCF | 56.20 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.80 |
Free cash flow (t + 1) | 0.02 |
Terminal Value | 0.50 |
Present Value of Terminal Value | 0.36 |
Intrinsic Value
Enterprise Value | 56.56 |
---|---|
Net Debt | 323.37 |
Equity Value | -266.81 |
Shares Outstanding | 34.53 |
Equity Value Per Share | -7.73 |