Discounted Cash Flow (DCF) Analysis Unlevered

Advent Convertible and Income Fund (AVK)

$10.49

+0.04 (+0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.93 | 10.49 | 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 -13.3556.9543.13193.70-167.33-4.93-0.15-0-0-0
Revenue (%)
EBITDA -7.3953.2638.73189.56-160.41-4.27-0.13-0-0-0
EBITDA (%)
EBIT ------4.27-0.13-0-0-0
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 -0.660.370.660-0.03-0-0-0-0
Total Cash (%)
Account Receivables 28.0618.0715.5336.5915.601.310.04000
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 21.4716.0828.2121.724.310.580.02000
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.49
Beta 1.332
Diluted Shares Outstanding 34.52
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.858
Total Debt 349.02
Total Equity 362.08
Total Capital 711.09
Debt Weighting 49.08
Equity Weighting 50.92
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 -13.3556.9543.13193.70-167.33-4.93-0.15-0-0-0
EBITDA -7.3953.2638.73189.56-160.41-4.27-0.13-0-0-0
EBIT ------4.27-0.13-0-0-0
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------4.27-0.13-0-0-0
Depreciation ----------
Accounts Receivable -9.982.54-21.0620.9814.291.270.0400
Inventories ----------
Accounts Payable --5.3912.13-6.49-17.41-3.73-0.56-0.02-0-0
Capital Expenditure ----------
UFCF -----6.290.590.0200
WACC
PV UFCF 5.880.510.0100
SUM PV UFCF 6.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.00
Free cash flow (t + 1) 0
Terminal Value 0
Present Value of Terminal Value 0

Intrinsic Value

Enterprise Value 6.41
Net Debt 349.01
Equity Value -342.60
Shares Outstanding 34.52
Equity Value Per Share -9.93