Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock Capital Investment Corpor... (BKCC)

$3.52

+0.10 (+2.92%)

All numbers are in Millions, Currency in USD

Stock DCF: -572,804,372.30 | 3.52 | 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	-104	71.31	229.61	739.37	2,380.83	7,666.48	24,686.72
Revenue (%)
EBITDA	39.11	6.07	8.67	-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	39.11	6.07	8.67	-88.27	78.11	169,950,130.59	547,253,623.24	1,762,202,400.81	5,674,438,997.86	18,272,167,785.96
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	29.01	13.50	14.68	23.33	539.26	259.47	835.52	2,690.44	8,663.43	27,896.97
Total Cash (%)
Account Receivables	9.69	5.78	7.58	7.58	4.36	-47.58	-153.23	-493.40	-1,588.80	-5,116.08
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	15.45	14.26	17.71	9.70	19.67	-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	$ 3.52
Beta	1.419
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	10.619
Total Debt	196.88
Total Equity	305.52
Total Capital	502.40
Debt Weighting	39.19
Equity Weighting	60.81
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	-104	71.31	229.61	739.37	2,380.83	7,666.48	24,686.72
EBITDA	39.11	6.07	8.67	-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	39.11	6.07	8.67	-88.27	78.11	169,950,130.59	547,253,623.24	1,762,202,400.81	5,674,438,997.86	18,272,167,785.96
Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIAT	39.11	6.07	8.67	-88.27	78.11	169,950,130.59	547,253,623.24	1,762,202,400.81	5,674,438,997.86	18,272,167,785.96
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	-1.80	0	3.22	51.95	105.64	340.18	1,095.40	3,527.28
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-1.19	3.44	-8.01	9.98	-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						-39,061,776.87	-115,640,409.15	-342,347,873.05	-1,013,504,423.32	-3,000,431,131.43
SUM PV UFCF										-4,510,985,613.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.77
Free cash flow (t + 1)	-4,659,394,442.38
Terminal Value	-68,824,142,428
Present Value of Terminal Value	-45,205,904,786.76

Intrinsic Value

Enterprise Value	-49,716,890,400.59
Net Debt	184.13
Equity Value	-49,716,890,584.71
Shares Outstanding	86.80
Equity Value Per Share	-572,804,372.30