Discounted Cash Flow (DCF) Analysis Unlevered

Calamos Global Dynamic Income Fund (CHW)

$6.21

+0.01 (+0.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.05 | 6.21 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 46.4258.61177.05-195.9931.1623.5017.7313.3810.097.61
Revenue (%)
EBITDA 45.0457.30175.66-192.2730.0822.9717.3313.079.867.44
EBITDA (%)
EBIT -----22.9717.3313.079.867.44
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 0.020.4811.690.0500.350.260.200.150.11
Total Cash (%)
Account Receivables 18.804.795.694.052.932.782.101.581.200.90
Account Receivables (%)
Inventories 29.4114.2117.1612.2112.016.094.603.472.621.97
Inventories (%)
Accounts Payable 21.894.406.823.164.453.352.521.901.441.08
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.21
Beta 1.286
Diluted Shares Outstanding 63.86
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 6.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.392
Total Debt 130.55
Total Equity 396.60
Total Capital 527.15
Debt Weighting 24.77
Equity Weighting 75.23
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 46.4258.61177.05-195.9931.1623.5017.7313.3810.097.61
EBITDA 45.0457.30175.66-192.2730.0822.9717.3313.079.867.44
EBIT -----22.9717.3313.079.867.44
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----22.9717.3313.079.867.44
Depreciation ----------
Accounts Receivable -14.02-0.901.641.120.140.680.520.390.29
Inventories -15.20-2.944.950.205.921.501.130.850.64
Accounts Payable --17.482.42-3.651.29-1.10-0.82-0.62-0.47-0.35
Capital Expenditure ----------
UFCF -----27.9318.6914.1010.648.02
WACC
PV UFCF 25.5115.5910.747.405.10
SUM PV UFCF 64.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.48
Free cash flow (t + 1) 8.18
Terminal Value 109.41
Present Value of Terminal Value 69.56

Intrinsic Value

Enterprise Value 133.91
Net Debt 130.55
Equity Value 3.36
Shares Outstanding 63.86
Equity Value Per Share 0.05