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 65.970.9161.635.4955.281,076.3620,956.23408,007.247,943,694.07154,659,696.30
Revenue (%)
EBITDA 68.908.0469.776.7655.072,848.7955,464.431,079,864.4121,024,412.65409,334,655.40
EBITDA (%)
EBIT -----2,848.7955,464.431,079,864.4121,024,412.65409,334,655.40
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 48.4324.5718.1934.827.747,428.94144,637.792,816,024.3654,826,566.711,067,445,457.83
Total Cash (%)
Account Receivables 110.5825.1818.2212.9868.257,154.86139,301.502,712,129.6152,803,788.421,028,062,990.09
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 192.7265.2133.3365.7979.5919,057.35371,0377,223,902.38140,645,716.872,738,300,802.87
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 65.970.9161.635.4955.281,076.3620,956.23408,007.247,943,694.07154,659,696.30
EBITDA 68.908.0469.776.7655.072,848.7955,464.431,079,864.4121,024,412.65409,334,655.40
EBIT -----2,848.7955,464.431,079,864.4121,024,412.65409,334,655.40
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----2,848.7955,464.431,079,864.4121,024,412.65409,334,655.40
Depreciation ----------
Accounts Receivable -85.406.965.24-55.26-7,086.61-132,146.64-2,572,828.10-50,091,658.82-975,259,201.67
Inventories ----------
Accounts Payable --127.51-31.8832.4613.8018,977.76351,979.656,852,865.37133,421,814.492,597,655,086
Capital Expenditure ----------
UFCF -----14,739.94275,297.445,359,901.68104,354,568.332,031,730,539.73
WACC
PV UFCF 14,175.74254,625.894,767,683.1389,271,372.841,671,541,037.17
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