Discounted Cash Flow (DCF) Analysis Unlevered
Bancroft Fund Ltd. (BCV)
$17.26
-0.47 (-2.62%)
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 | 20.59 | 7.76 | 24.29 | 27.51 | 42.81 | 66.30 | 102.68 | 159.03 | 246.29 | 381.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 20.11 | 7.29 | 23.72 | 26.95 | 42.24 | 64.43 | 99.79 | 154.54 | 239.35 | 370.68 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | 26.95 | 42.24 | 64.43 | 99.79 | 154.54 | 239.35 | 370.68 |
| 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 | 0.04 | 0 | 0.04 | 0.03 | 0.06 | 0.09 | 0.13 | 0.21 | 0.32 | 0.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.87 | 0.78 | 1.73 | 1.38 | 0.56 | 3.68 | 5.70 | 8.82 | 13.66 | 21.16 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.26 | 0.26 | 1.58 | 0.73 | 0.16 | 1.87 | 2.89 | 4.48 | 6.93 | 10.74 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 17.26 |
|---|---|
| Beta | 0.939 |
| Diluted Shares Outstanding | 5 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 60.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.314 |
| Total Debt | 0 |
| Total Equity | 86.26 |
| Total Capital | 86.27 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 20.59 | 7.76 | 24.29 | 27.51 | 42.81 | 66.30 | 102.68 | 159.03 | 246.29 | 381.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 20.11 | 7.29 | 23.72 | 26.95 | 42.24 | 64.43 | 99.79 | 154.54 | 239.35 | 370.68 |
| EBIT | - | - | - | 26.95 | 42.24 | 64.43 | 99.79 | 154.54 | 239.35 | 370.68 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | 26.95 | 42.24 | 64.43 | 99.79 | 154.54 | 239.35 | 370.68 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.09 | -0.95 | 0.35 | 0.82 | -3.11 | -2.02 | -3.13 | -4.84 | -7.50 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0 | 1.33 | -0.85 | -0.57 | 1.71 | 1.02 | 1.59 | 2.46 | 3.81 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | 26.45 | 42.48 | 63.03 | 98.79 | 153 | 236.96 | 366.99 |
| WACC | ||||||||||
| PV UFCF | 58.19 | 84.20 | 120.39 | 172.13 | 246.10 | |||||
| SUM PV UFCF | 681 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.32 |
| Free cash flow (t + 1) | 374.33 |
| Terminal Value | 5,922.95 |
| Present Value of Terminal Value | 3,971.87 |
Intrinsic Value
| Enterprise Value | 4,652.86 |
|---|---|
| Net Debt | 0 |
| Equity Value | 4,652.86 |
| Shares Outstanding | 5 |
| Equity Value Per Share | 930.96 |