Discounted Cash Flow (DCF) Analysis Unlevered

Virtus Convertible & Income 2024 Ta... (CBH)

$9.01

-0.01 (-0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 994.37 | 9.01 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9.1913.1526.2544.9977.09132.09226.35387.86
Revenue (%)
EBITDA 10.8514.5926.4449.4484.72145.17248.76426.26
EBITDA (%)
EBIT ---49.4484.72145.17248.76426.26
EBIT (%)
Depreciation --------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.120.090.150.390.671.141.953.35
Total Cash (%)
Account Receivables 9.232.231.9418.7032.0554.9294.11161.26
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 7.742.443.9017.6430.2251.7988.74152.06
Accounts Payable (%)
Capital Expenditure --------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.01
Beta 0.533
Diluted Shares Outstanding 18.36
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.308
Total Debt 69.70
Total Equity 165.39
Total Capital 235.09
Debt Weighting 29.65
Equity Weighting 70.35
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9.1913.1526.2544.9977.09132.09226.35387.86
EBITDA 10.8514.5926.4449.4484.72145.17248.76426.26
EBIT ---49.4484.72145.17248.76426.26
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ---49.4484.72145.17248.76426.26
Depreciation --------
Accounts Receivable -70.29-16.77-13.35-22.87-39.19-67.15
Inventories --------
Accounts Payable --5.301.4613.7412.5821.5636.9563.32
Capital Expenditure --------
UFCF ---46.4183.96143.87246.52422.43
WACC
PV UFCF 48.2883.96138.31227.84375.32
SUM PV UFCF 807.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.02
Free cash flow (t + 1) 430.88
Terminal Value 21,330.70
Present Value of Terminal Value 17,515.43

Intrinsic Value

Enterprise Value 18,322.91
Net Debt 69.55
Equity Value 18,253.36
Shares Outstanding 18.36
Equity Value Per Share 994.37