Discounted Cash Flow (DCF) Analysis Unlevered

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

$12.75

-0.15 (-1.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.32 | 12.75 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 43.9618.586.1320.294.144.424.725.045.375.74
Revenue (%)
EBITDA 44.3519.649.2523.404.765.205.555.926.326.74
EBITDA (%)
EBIT -----5.205.555.926.326.74
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 6.8312.275.608.539.153.854.114.394.685
Total Cash (%)
Account Receivables 16.3037.806.456.913.714.154.434.735.055.39
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 27.8055.1518.2511.7116.399.8310.4911.1911.9412.75
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.75
Beta 0.594
Diluted Shares Outstanding 15.24
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.501
Total Debt 100
Total Equity 194.25
Total Capital 294.25
Debt Weighting 33.99
Equity Weighting 66.01
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 43.9618.586.1320.294.144.424.725.045.375.74
EBITDA 44.3519.649.2523.404.765.205.555.926.326.74
EBIT -----5.205.555.926.326.74
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----5.205.555.926.326.74
Depreciation ----------
Accounts Receivable --21.5031.35-0.463.20-0.44-0.28-0.30-0.32-0.34
Inventories ----------
Accounts Payable -27.35-36.91-6.544.68-6.560.660.700.750.80
Capital Expenditure ----------
UFCF ------1.805.936.336.757.21
WACC
PV UFCF -1.725.385.485.575.66
SUM PV UFCF 20.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.93
Free cash flow (t + 1) 7.35
Terminal Value 250.84
Present Value of Terminal Value 197.19

Intrinsic Value

Enterprise Value 217.57
Net Debt 90.86
Equity Value 126.71
Shares Outstanding 15.24
Equity Value Per Share 8.32