Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock Health Sciences Trust (BME)

$39.62

-0.55 (-1.37%)
All numbers are in Millions, Currency in USD
Stock DCF: 437.40 | 39.62 | 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 60.7322.8980.2980.0959.6683.93118.08166.12233.70328.77
Revenue (%)
EBITDA 60.3422.4479.8879.5659.1283.15116.97164.56231.51325.69
EBITDA (%)
EBIT -----83.15116.97164.56231.51325.69
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 --0.070.2100.100.140.200.280.39
Total Cash (%)
Account Receivables 0.300.840.861.103.1822.823.975.587.85
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable -0.933.263.252.423.414.796.749.4813.34
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.62
Beta 0.741
Diluted Shares Outstanding 11.58
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.380
Total Debt -
Total Equity 458.83
Total Capital 458.83
Debt Weighting 0.00
Equity Weighting 100.00
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 60.7322.8980.2980.0959.6683.93118.08166.12233.70328.77
EBITDA 60.3422.4479.8879.5659.1283.15116.97164.56231.51325.69
EBIT -----83.15116.97164.56231.51325.69
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----83.15116.97164.56231.51325.69
Depreciation ----------
Accounts Receivable --0.54-0.03-0.24-2.081.17-0.82-1.15-1.61-2.27
Inventories ----------
Accounts Payable --2.33-0.01-0.830.981.391.952.743.86
Capital Expenditure ----------
UFCF -----85.31117.54165.36232.64327.28
WACC
PV UFCF 79.44101.94133.56174.98229.25
SUM PV UFCF 719.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.38
Free cash flow (t + 1) 333.82
Terminal Value 6,204.92
Present Value of Terminal Value 4,346.29

Intrinsic Value

Enterprise Value 5,065.46
Net Debt -0
Equity Value 5,065.46
Shares Outstanding 11.58
Equity Value Per Share 437.40