Discounted Cash Flow (DCF) Analysis Unlevered

Blackstone / GSO Senior Floating Ra... (BSL)

$14.17

-0.09 (-0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -634.03 | 14.17 | overvalue

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 6.1320.294.1418.77-18.09-32.03-56.69-100.36-177.64-314.45
Revenue (%)
EBITDA 9.2519.042.8917.79-16.44-32.03-56.70-100.37-177.67-314.51
EBITDA (%)
EBIT ------32.03-56.70-100.37-177.67-314.51
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 5.608.539.153.8124.15-15.44-27.32-48.36-85.61-151.54
Total Cash (%)
Account Receivables 6.456.913.712327.49-12.79-22.64-40.07-70.93-125.56
Account Receivables (%)
Inventories ---0.03-0.150.150.260.460.811.442.54
Inventories (%)
Accounts Payable 18.2511.7116.3926.3747.67-40.23-71.22-126.07-223.16-395.02
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.17
Beta 0.565
Diluted Shares Outstanding 14.18
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.833
Total Debt 85.04
Total Equity 200.88
Total Capital 285.92
Debt Weighting 29.74
Equity Weighting 70.26
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 6.1320.294.1418.77-18.09-32.03-56.69-100.36-177.64-314.45
EBITDA 9.2519.042.8917.79-16.44-32.03-56.70-100.37-177.67-314.51
EBIT ------32.03-56.70-100.37-177.67-314.51
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------32.03-56.70-100.37-177.67-314.51
Depreciation ----------
Accounts Receivable --0.463.20-19.29-4.4940.279.8517.4330.8654.63
Inventories ---0.12-0.30-0.11-0.20-0.35-0.62-1.11
Accounts Payable --6.544.689.9821.30-87.90-30.99-54.85-97.09-171.86
Capital Expenditure ----------
UFCF ------79.77-78.04-138.14-244.53-432.84
WACC
PV UFCF -75.23-69.40-115.85-193.40-322.84
SUM PV UFCF -776.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.04
Free cash flow (t + 1) -441.50
Terminal Value -10,928.23
Present Value of Terminal Value -8,150.82

Intrinsic Value

Enterprise Value -8,927.54
Net Debt 60.89
Equity Value -8,988.43
Shares Outstanding 14.18
Equity Value Per Share -634.03