Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock Credit Allocation Income ... (BTZ)

$9.75

-0.12 (-1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: -34.26 | 9.75 | 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 119.35-40.67212.04163.6738.70-43.9950-56.8364.59-73.42
Revenue (%)
EBITDA 123.96-27.98226.62168.4440.30-42.8148.66-55.3162.86-71.45
EBITDA (%)
EBIT ------42.8148.66-55.3162.86-71.45
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 -0.0700.17-0.010.01-0.010.01-0.010.02
Total Cash (%)
Account Receivables 26.0537.5126.6424.8124.56-1.832.08-2.362.68-3.05
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 18.593.597.1910.078.31-3.323.77-4.294.88-5.54
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.75
Beta 0.646
Diluted Shares Outstanding 92.95
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.021
Total Debt 587.02
Total Equity 906.29
Total Capital 1,493.31
Debt Weighting 39.31
Equity Weighting 60.69
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 119.35-40.67212.04163.6738.70-43.9950-56.8364.59-73.42
EBITDA 123.96-27.98226.62168.4440.30-42.8148.66-55.3162.86-71.45
EBIT ------42.8148.66-55.3162.86-71.45
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------42.8148.66-55.3162.86-71.45
Depreciation ----------
Accounts Receivable --11.4510.871.840.2526.38-3.904.44-5.045.73
Inventories ----------
Accounts Payable --14.993.602.87-1.76-11.637.10-8.069.17-10.42
Capital Expenditure ----------
UFCF ------28.0551.85-58.9366.98-76.14
WACC
PV UFCF -26.8647.54-51.7356.30-61.27
SUM PV UFCF -36.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.44
Free cash flow (t + 1) -77.66
Terminal Value -3,182.71
Present Value of Terminal Value -2,561.31

Intrinsic Value

Enterprise Value -2,597.34
Net Debt 587.02
Equity Value -3,184.36
Shares Outstanding 92.95
Equity Value Per Share -34.26