Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock Capital Investment Corpor... (BKCC)

$3.98

-0.04 (-1.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -616,672,467.15 | 3.98 | overvalue

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 20.21-10.95-7.76-10471.31229.61739.372,380.837,666.4824,686.72
Revenue (%)
EBITDA 39.116.078.67-88.27-65,972,599.89-42,487,405.91-136,812,997.69-440,549,286.02-1,418,605,517.68-4,568,028,319.78
EBITDA (%)
EBIT 39.116.078.67-88.2778.11169,950,130.59547,253,623.241,762,202,400.815,674,438,997.8618,272,167,785.96
EBIT (%)
Depreciation -----65,972,678-212,437,536.50-684,066,620.92-2,202,751,686.82-7,093,044,515.53-22,840,196,105.74
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 29.0113.5014.6823.33539.26259.47835.522,690.448,663.4327,896.97
Total Cash (%)
Account Receivables 9.695.787.587.584.36-47.58-153.23-493.40-1,588.80-5,116.08
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 15.4514.2617.719.7019.67-121.07-389.86-1,255.38-4,042.43-13,016.97
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.98
Beta 1.458
Diluted Shares Outstanding 86.80
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.772
Total Debt 196.88
Total Equity 345.45
Total Capital 542.32
Debt Weighting 36.30
Equity Weighting 63.70
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 20.21-10.95-7.76-10471.31229.61739.372,380.837,666.4824,686.72
EBITDA 39.116.078.67-88.27-65,972,599.89-42,487,405.91-136,812,997.69-440,549,286.02-1,418,605,517.68-4,568,028,319.78
EBIT 39.116.078.67-88.2778.11169,950,130.59547,253,623.241,762,202,400.815,674,438,997.8618,272,167,785.96
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 39.116.078.67-88.2778.11169,950,130.59547,253,623.241,762,202,400.815,674,438,997.8618,272,167,785.96
Depreciation -----65,972,678-212,437,536.50-684,066,620.92-2,202,751,686.82-7,093,044,515.53-22,840,196,105.74
Accounts Receivable -3.91-1.8003.2251.95105.64340.181,095.403,527.28
Inventories ----------
Accounts Payable --1.193.44-8.019.98-140.75-268.79-865.52-2,787.05-8,974.54
Capital Expenditure ----------
UFCF ------42,487,494.70-136,813,160.83-440,549,811.36-1,418,607,209.33-4,568,033,767.04
WACC
PV UFCF -39,205,956.17-116,495,655.63-346,152,760.61-1,028,551,090.85-3,056,215,251.96
SUM PV UFCF -4,586,620,715.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.37
Free cash flow (t + 1) -4,659,394,442.38
Terminal Value -73,145,909,613.44
Present Value of Terminal Value -48,937,826,640.53

Intrinsic Value

Enterprise Value -53,524,447,355.75
Net Debt 184.13
Equity Value -53,524,447,539.88
Shares Outstanding 86.80
Equity Value Per Share -616,672,467.15