Discounted Cash Flow (DCF) Analysis Unlevered

Bancroft Fund Ltd. (BCV)

$17.26

-0.47 (-2.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 930.96 | 17.26 | undervalue

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 20.597.7624.2927.5142.8166.30102.68159.03246.29381.44
Revenue (%)
EBITDA 20.117.2923.7226.9542.2464.4399.79154.54239.35370.68
EBITDA (%)
EBIT ---26.9542.2464.4399.79154.54239.35370.68
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 0.0400.040.030.060.090.130.210.320.50
Total Cash (%)
Account Receivables 0.870.781.731.380.563.685.708.8213.6621.16
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.260.261.580.730.161.872.894.486.9310.74
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 20.597.7624.2927.5142.8166.30102.68159.03246.29381.44
EBITDA 20.117.2923.7226.9542.2464.4399.79154.54239.35370.68
EBIT ---26.9542.2464.4399.79154.54239.35370.68
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ---26.9542.2464.4399.79154.54239.35370.68
Depreciation ----------
Accounts Receivable -0.09-0.950.350.82-3.11-2.02-3.13-4.84-7.50
Inventories ----------
Accounts Payable --01.33-0.85-0.571.711.021.592.463.81
Capital Expenditure ----------
UFCF ---26.4542.4863.0398.79153236.96366.99
WACC
PV UFCF 58.1984.20120.39172.13246.10
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