Discounted Cash Flow (DCF) Analysis Unlevered

SRH Total Return Fund, Inc. (BIF)

$14.75

-0.08 (-%)

All numbers are in Millions, Currency in USD

Stock DCF: 3,140,386,050.26 | 14.75 | 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	251	97.79	61.36	-1.98	276.25	-9,584.64	332,540.13	-11,537,516.39	400,295,405.58	-13,888,293,317.35
Revenue (%)
EBITDA	248.35	94.72	59.13	-3.50	280.07	-10,938.18	379,501.52	-13,166,847.10	456,825,214.83	-15,849,601,293.93
EBITDA (%)
EBIT	-	94.72	59.13	-	-	-10,938.18	379,501.52	-13,166,847.10	456,825,214.83	-15,849,601,293.93
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	0.02	0.01	0.01	-0	0.02	-0.83	28.79	-998.92	34,657.58	-1,202,448.44
Total Cash (%)
Account Receivables	1.93	1.83	1.69	7.33	2.04	6,993.19	-242,629.59	8,418,060.51	-292,065,539.30	10,133,246,150.55
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	1.20	1.08	1.08	32.05	0.84	31,018.09	-1,076,176.17	37,338,051.23	-1,295,447,812.27	44,945,704,954.91
Accounts Payable (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 14.75
Beta	0.836
Diluted Shares Outstanding	98.27
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	2.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.585
Total Debt	222.98
Total Equity	1,449.50
Total Capital	1,672.48
Debt Weighting	13.33
Equity Weighting	86.67
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	251	97.79	61.36	-1.98	276.25	-9,584.64	332,540.13	-11,537,516.39	400,295,405.58	-13,888,293,317.35
EBITDA	248.35	94.72	59.13	-3.50	280.07	-10,938.18	379,501.52	-13,166,847.10	456,825,214.83	-15,849,601,293.93
EBIT	-	94.72	59.13	-	-	-10,938.18	379,501.52	-13,166,847.10	456,825,214.83	-15,849,601,293.93
Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIAT	-	94.72	59.13	-	-	-10,938.18	379,501.52	-13,166,847.10	456,825,214.83	-15,849,601,293.93
Depreciation	-	-	-	-	-	-	-	-	-	-
Accounts Receivable	-	0.10	0.14	-5.64	5.30	-6,991.16	249,622.78	-8,660,690.10	300,483,599.81	-10,425,311,689.86
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-0.12	0	30.97	-31.22	31,017.25	-1,107,194.27	38,414,227.41	-1,332,785,863.51	46,241,152,767.18
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
UFCF	-	94.70	59.27	-	-	13,087.91	-478,069.96	16,586,690.20	-575,477,048.87	19,966,239,783.39
WACC
PV UFCF						12,238.56	-418,033.51	13,562,482.60	-440,014,804.48	14,275,633,299.06
SUM PV UFCF										13,848,775,182.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.94
Free cash flow (t + 1)	20,365,564,579.06
Terminal Value	412,258,392,288.65
Present Value of Terminal Value	294,760,039,778.21

Intrinsic Value

Enterprise Value	308,608,814,960.43
Net Debt	222.59
Equity Value	308,608,814,737.83
Shares Outstanding	98.27
Equity Value Per Share	3,140,386,050.26