Discounted Cash Flow (DCF) Analysis Unlevered

Calamos Dynamic Convertible and Inc... (CCD)

$22.15

-0.16 (-0.72%)
All numbers are in Millions, Currency in USD
Stock DCF: 9,456.66 | 22.15 | undervalue

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 85.0713.1958.84173.43221.13488.601,079.632,385.575,271.1911,647.32
Revenue (%)
EBITDA 87.7919.0966.19178.01225.03551.931,219.542,694.735,954.3213,156.78
EBITDA (%)
EBIT -----551.931,219.542,694.735,954.3213,156.78
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 -0.010.060.160.210.461.022.264.9911.03
Total Cash (%)
Account Receivables 6.874.557.374.113.0957.50127.05280.74620.321,370.68
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 9.821.638.352.544.8640.8190.18199.27440.31972.93
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.15
Beta 1.104
Diluted Shares Outstanding 24.55
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.902
Total Debt 270
Total Equity 543.80
Total Capital 813.80
Debt Weighting 33.18
Equity Weighting 66.82
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 85.0713.1958.84173.43221.13488.601,079.632,385.575,271.1911,647.32
EBITDA 87.7919.0966.19178.01225.03551.931,219.542,694.735,954.3213,156.78
EBIT -----551.931,219.542,694.735,954.3213,156.78
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----551.931,219.542,694.735,954.3213,156.78
Depreciation ----------
Accounts Receivable -2.32-2.823.261.02-54.41-69.55-153.69-339.59-750.36
Inventories ----------
Accounts Payable --8.196.71-5.812.3235.9549.37109.09241.04532.61
Capital Expenditure ----------
UFCF -----533.471,199.362,650.135,855.7812,939.04
WACC
PV UFCF 500.951,057.632,194.534,553.549,448.39
SUM PV UFCF 17,755.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.49
Free cash flow (t + 1) 13,197.82
Terminal Value 293,938.16
Present Value of Terminal Value 214,640.58

Intrinsic Value

Enterprise Value 232,395.63
Net Debt 228.71
Equity Value 232,166.91
Shares Outstanding 24.55
Equity Value Per Share 9,456.66