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
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 | -13.35 | 56.95 | 43.13 | 193.70 | -167.33 | -4.93 | -0.15 | -0 | -0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -7.39 | 53.26 | 38.73 | 189.56 | -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 | - | 0.66 | 0.37 | 0.66 | 0 | -0.03 | -0 | -0 | -0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 28.06 | 18.07 | 15.53 | 36.59 | 15.60 | 1.31 | 0.04 | 0 | 0 | 0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 21.47 | 16.08 | 28.21 | 21.72 | 4.31 | 0.58 | 0.02 | 0 | 0 | 0 |
| 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 | -13.35 | 56.95 | 43.13 | 193.70 | -167.33 | -4.93 | -0.15 | -0 | -0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -7.39 | 53.26 | 38.73 | 189.56 | -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 | - | 9.98 | 2.54 | -21.06 | 20.98 | 14.29 | 1.27 | 0.04 | 0 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -5.39 | 12.13 | -6.49 | -17.41 | -3.73 | -0.56 | -0.02 | -0 | -0 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 6.29 | 0.59 | 0.02 | 0 | 0 |
| WACC | ||||||||||
| PV UFCF | 5.88 | 0.51 | 0.01 | 0 | 0 | |||||
| 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 |