Discounted Cash Flow (DCF) Analysis Unlevered

Calamos Global Total Return Fund (CGO)

$9.4112

-0.09 (-0.93%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.68 | 9.4112 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 20.80-4.6610.2114.20-4.841.65-0.560.19-0.07
Revenue (%)
EBITDA 21.21-3.5911.5814.84-4.801.64-0.560.19-0.06
EBITDA (%)
EBIT -----4.801.64-0.560.19-0.06
EBIT (%)
Depreciation ---------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash ---------
Total Cash (%)
Account Receivables 0.801.283.751.02-0.250.08-0.030.01-0
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 1.452.204.831.12-0.180.06-0.020.01-0
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.4,112
Beta 1.268
Diluted Shares Outstanding 8.81
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.810
Total Debt 37
Total Equity 82.93
Total Capital 119.93
Debt Weighting 30.85
Equity Weighting 69.15
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 20.80-4.6610.2114.20-4.841.65-0.560.19-0.07
EBITDA 21.21-3.5911.5814.84-4.801.64-0.560.19-0.06
EBIT -----4.801.64-0.560.19-0.06
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----4.801.64-0.560.19-0.06
Depreciation ---------
Accounts Receivable --0.48-2.472.731.26-0.330.11-0.040.01
Inventories ---------
Accounts Payable -0.742.63-3.70-1.310.25-0.080.03-0.01
Capital Expenditure ---------
UFCF -----4.851.55-0.530.18-0.06
WACC
PV UFCF -4.851.44-0.460.15-0.05
SUM PV UFCF -3.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.62
Free cash flow (t + 1) -0.06
Terminal Value -1.12
Present Value of Terminal Value -0.77

Intrinsic Value

Enterprise Value -4.27
Net Debt 37
Equity Value -41.27
Shares Outstanding 8.81
Equity Value Per Share -4.68