Discounted Cash Flow (DCF) Analysis Unlevered

Blackstone/GSO Strategic Credit Fun... (BGB)

$12.04

+0.08 (+0.67%)

All numbers are in Millions, Currency in USD

Stock DCF: 2,629,386,361.76 | 12.04 | 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	65.97	0.91	61.63	5.49	55.28	1,076.36	20,956.23	408,007.24	7,943,694.07	154,659,696.30
Revenue (%)
EBITDA	68.90	8.04	69.77	6.76	55.07	2,848.79	55,464.43	1,079,864.41	21,024,412.65	409,334,655.40
EBITDA (%)
EBIT	-	-	-	-	-	2,848.79	55,464.43	1,079,864.41	21,024,412.65	409,334,655.40
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	48.43	24.57	18.19	34.82	7.74	7,428.94	144,637.79	2,816,024.36	54,826,566.71	1,067,445,457.83
Total Cash (%)
Account Receivables	110.58	25.18	18.22	12.98	68.25	7,154.86	139,301.50	2,712,129.61	52,803,788.42	1,028,062,990.09
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	192.72	65.21	33.33	65.79	79.59	19,057.35	371,037	7,223,902.38	140,645,716.87	2,738,300,802.87
Accounts Payable (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 12.04
Beta	0.711
Diluted Shares Outstanding	33.42
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	1.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.237
Total Debt	323.80
Total Equity	402.38
Total Capital	726.18
Debt Weighting	44.59
Equity Weighting	55.41
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	65.97	0.91	61.63	5.49	55.28	1,076.36	20,956.23	408,007.24	7,943,694.07	154,659,696.30
EBITDA	68.90	8.04	69.77	6.76	55.07	2,848.79	55,464.43	1,079,864.41	21,024,412.65	409,334,655.40
EBIT	-	-	-	-	-	2,848.79	55,464.43	1,079,864.41	21,024,412.65	409,334,655.40
Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIAT	-	-	-	-	-	2,848.79	55,464.43	1,079,864.41	21,024,412.65	409,334,655.40
Depreciation	-	-	-	-	-	-	-	-	-	-
Accounts Receivable	-	85.40	6.96	5.24	-55.26	-7,086.61	-132,146.64	-2,572,828.10	-50,091,658.82	-975,259,201.67
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-127.51	-31.88	32.46	13.80	18,977.76	351,979.65	6,852,865.37	133,421,814.49	2,597,655,086
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
UFCF	-	-	-	-	-	14,739.94	275,297.44	5,359,901.68	104,354,568.33	2,031,730,539.73
WACC
PV UFCF						14,175.74	254,625.89	4,767,683.13	89,271,372.84	1,671,541,037.17
SUM PV UFCF										1,765,848,894.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.98
Free cash flow (t + 1)	2,072,365,150.52
Terminal Value	104,664,906,591.94
Present Value of Terminal Value	86,109,689,793.82

Intrinsic Value

Enterprise Value	87,875,538,688.60
Net Debt	316.06
Equity Value	87,875,538,372.54
Shares Outstanding	33.42
Equity Value Per Share	2,629,386,361.76