Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock Enhanced Global Dividend ... (BOE)
$10.15
+0.01 (+0.10%)
All numbers are in Millions, Currency in USD
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 | 147.73 | -90.34 | 131.40 | 42.86 | 119.89 | 31.69 | 8.38 | 2.21 | 0.59 | 0.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 146.49 | -91.29 | 130.81 | 42.57 | 120.10 | 31.64 | 8.36 | 2.21 | 0.58 | 0.15 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 31.64 | 8.36 | 2.21 | 0.58 | 0.15 |
| 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 | - | - | - | - | 0.06 | 0.02 | 0 | 0 | 0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.22 | 3.30 | 4.27 | 2.38 | 1.60 | 0.55 | 0.15 | 0.04 | 0.01 | 0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.27 | 0.20 | 0.14 | 0.15 | 0.14 | 0.16 | 0.04 | 0.01 | 0 | 0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.15 |
|---|---|
| Beta | 0.909 |
| Diluted Shares Outstanding | 59.12 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.810 |
| Total Debt | - |
| Total Equity | 600.06 |
| Total Capital | 600.06 |
| 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 | 147.73 | -90.34 | 131.40 | 42.86 | 119.89 | 31.69 | 8.38 | 2.21 | 0.59 | 0.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 146.49 | -91.29 | 130.81 | 42.57 | 120.10 | 31.64 | 8.36 | 2.21 | 0.58 | 0.15 |
| EBIT | - | - | - | - | - | 31.64 | 8.36 | 2.21 | 0.58 | 0.15 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 31.64 | 8.36 | 2.21 | 0.58 | 0.15 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.08 | -0.97 | 1.89 | 0.79 | 1.05 | 0.40 | 0.11 | 0.03 | 0.01 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.07 | -0.05 | 0 | -0.01 | 0.02 | -0.12 | -0.03 | -0.01 | -0 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 32.71 | 8.65 | 2.29 | 0.60 | 0.16 |
| WACC | ||||||||||
| PV UFCF | 30.34 | 7.44 | 1.82 | 0.45 | 0.11 | |||||
| SUM PV UFCF | 40.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.81 |
| Free cash flow (t + 1) | 0.16 |
| Terminal Value | 2.80 |
| Present Value of Terminal Value | 1.92 |
Intrinsic Value
| Enterprise Value | 42.08 |
|---|---|
| Net Debt | -0.06 |
| Equity Value | 42.14 |
| Shares Outstanding | 59.12 |
| Equity Value Per Share | 0.71 |