Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock Multi-Sector Income Trust (BIT)
$14.19
+0.02 (+0.14%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 9.89 | -4.04 | 70.73 | 69.01 | -68.58 | 307.60 | -1,379.70 | 6,188.34 | -27,756.49 | 124,495.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 19.77 | 5.86 | 74.96 | 69.82 | -65.17 | 219.56 | -984.80 | 4,417.10 | -19,811.97 | 88,862.40 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 219.56 | -984.80 | 4,417.10 | -19,811.97 | 88,862.40 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | - | 0 | 0.10 | 0.01 | -0.01 | 0.07 | -0.30 | 1.34 | -6 | 26.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 29.75 | 15.66 | 12.71 | 17.73 | 31.41 | -54.84 | 245.99 | -1,103.36 | 4,948.87 | -22,197.10 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 36.47 | 7.02 | 17.32 | 68.51 | 55.74 | 145.95 | -654.61 | 2,936.11 | -13,169.29 | 59,068.04 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.19 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 37.61 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.406 |
| Total Debt | 293.52 |
| Total Equity | 533.70 |
| Total Capital | 827.23 |
| Debt Weighting | 35.48 |
| Equity Weighting | 64.52 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 9.89 | -4.04 | 70.73 | 69.01 | -68.58 | 307.60 | -1,379.70 | 6,188.34 | -27,756.49 | 124,495.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 19.77 | 5.86 | 74.96 | 69.82 | -65.17 | 219.56 | -984.80 | 4,417.10 | -19,811.97 | 88,862.40 |
| EBIT | - | - | - | - | - | 219.56 | -984.80 | 4,417.10 | -19,811.97 | 88,862.40 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 219.56 | -984.80 | 4,417.10 | -19,811.97 | 88,862.40 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 14.09 | 2.95 | -5.02 | -13.68 | 86.25 | -300.84 | 1,349.35 | -6,052.22 | 27,145.97 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -29.45 | 10.30 | 51.20 | -12.77 | 90.20 | -800.55 | 3,590.71 | -16,105.39 | 72,237.33 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 396.02 | -2,086.19 | 9,357.17 | -41,969.59 | 188,245.71 |
| WACC | ||||||||||
| PV UFCF | 385.68 | -1,978.71 | 8,643.44 | -37,756.46 | 164,928.53 | |||||
| SUM PV UFCF | 134,222.48 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.68 |
| Free cash flow (t + 1) | 192,010.62 |
| Terminal Value | 28,236,855.94 |
| Present Value of Terminal Value | 24,739,278.99 |
Intrinsic Value
| Enterprise Value | 24,873,501.47 |
|---|---|
| Net Debt | 293.52 |
| Equity Value | 24,873,207.94 |
| Shares Outstanding | 37.61 |
| Equity Value Per Share | 661,325.06 |