Discounted Cash Flow (DCF) Analysis Unlevered
Bancroft Fund Ltd. (BCV)
$20.64
+0.38 (+1.88%)
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 | $ 20.64 |
---|---|
Beta | 0.963 |
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 | 7.396 |
Total Debt | 0 |
Total Equity | 103.16 |
Total Capital | 103.16 |
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 | 58.68 | 85.65 | 123.51 | 178.10 | 256.82 | |||||
SUM PV UFCF | 702.76 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.40 |
Free cash flow (t + 1) | 374.33 |
Terminal Value | 6,932.04 |
Present Value of Terminal Value | 4,851.09 |
Intrinsic Value
Enterprise Value | 5,553.86 |
---|---|
Net Debt | 0 |
Equity Value | 5,553.86 |
Shares Outstanding | 5 |
Equity Value Per Share | 1,111.23 |