Discounted Cash Flow (DCF) Analysis Unlevered

Blackstone Secured Lending Fund (BXSL)

$23.68

-0.11 (-0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: -583,908,052.93 | 23.68 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 3.12147.58389.12473.348,066.59137,468.232,342,688.7639,923,339.42680,360,557.31
Revenue (%)
EBITDA -2.94106.21218.64472.252,694.6645,921.51782,579.4913,336,464.99227,275,696.03
EBITDA (%)
EBIT -2.94106.21218.64576.984,479.3876,336.191,300,896.5022,169,454.73377,804,632.49
EBIT (%)
Depreciation ----104.73-1,784.72-30,414.68-518,317.01-8,832,989.74-150,528,936.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 6.2365.50217.999,922.5848,322823,487.7314,033,609.95239,156,213.524,075,622,357.45
Total Cash (%)
Account Receivables 19.9625.66139.42205.5414,840.64252,909.444,310,000.3273,449,622.831,251,704,568.06
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable ---165.082,813.1747,941.15816,997.5213,923,005.92237,271,335.62
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 23.68
Beta 0.000
Diluted Shares Outstanding 167.57
Cost of Debt
Tax Rate 0.53
After-tax Cost of Debt 2.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.506
Total Debt 5,498.63
Total Equity 3,968.06
Total Capital 9,466.69
Debt Weighting 58.08
Equity Weighting 41.92
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 3.12147.58389.12473.348,066.59137,468.232,342,688.7639,923,339.42680,360,557.31
EBITDA -2.94106.21218.64472.252,694.6645,921.51782,579.4913,336,464.99227,275,696.03
EBIT -2.94106.21218.64576.984,479.3876,336.191,300,896.5022,169,454.73377,804,632.49
Tax Rate 0.00%0.00%0.00%0.53%0.13%0.13%0.13%0.13%0.13%
EBIAT -2.94106.21218.64573.944,473.4876,235.671,299,183.4622,140,261.71377,307,134.49
Depreciation ----104.73-1,784.72-30,414.68-518,317.01-8,832,989.74-150,528,936.46
Accounts Receivable --5.70-113.76-66.12-14,635.11-238,068.79-4,057,090.89-69,139,622.50-1,178,254,945.23
Inventories ---------
Accounts Payable ----2,648.1045,127.98769,056.3713,106,008.39223,348,329.71
Capital Expenditure ---------
UFCF -----9,298.25-147,119.82-2,507,168.06-42,726,342.14-728,128,417.49
WACC
PV UFCF -9,298.25-143,293.87-2,378,462.58-39,478,898.58-655,290,290.46
SUM PV UFCF -679,166,498.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.67
Free cash flow (t + 1) -742,690,985.84
Terminal Value -110,849,400,871.83
Present Value of Terminal Value -97,166,271,923.65

Intrinsic Value

Enterprise Value -97,845,438,421.89
Net Debt 5,395.75
Equity Value -97,845,443,817.65
Shares Outstanding 167.57
Equity Value Per Share -583,908,052.93