Discounted Cash Flow (DCF) Analysis Unlevered

Calamos Convertible and High Income... (CHY)

$10.36

-0.24 (-2.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,035.52 | 10.36 | 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 133.2618.8986.80224.76317.51693.591,515.163,309.897,230.4915,795.08
Revenue (%)
EBITDA 137.9328.9399.10232.28323.70799.101,745.653,813.388,330.3718,197.78
EBITDA (%)
EBIT -----799.101,745.653,813.388,330.3718,197.78
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 -0.100.090.0943.3224.8754.32118.66259.22566.26
Total Cash (%)
Account Receivables 11.8912.5311.6910.518.85133.39291.38636.531,390.503,037.57
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.063.6315.166.6910.0564.70141.33308.74674.441,473.31
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.36
Beta 1.205
Diluted Shares Outstanding 72.91
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.661
Total Debt 435.40
Total Equity 755.38
Total Capital 1,190.78
Debt Weighting 36.56
Equity Weighting 63.44
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 133.2618.8986.80224.76317.51693.591,515.163,309.897,230.4915,795.08
EBITDA 137.9328.9399.10232.28323.70799.101,745.653,813.388,330.3718,197.78
EBIT -----799.101,745.653,813.388,330.3718,197.78
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----799.101,745.653,813.388,330.3718,197.78
Depreciation ----------
Accounts Receivable --0.630.831.191.66-124.54-158-345.15-753.97-1,647.07
Inventories ----------
Accounts Payable --1.4311.52-8.473.3654.6576.63167.41365.70798.88
Capital Expenditure ----------
UFCF -----729.211,664.283,635.647,942.1017,349.59
WACC
PV UFCF 683.291,461.292,991.196,122.8312,533.15
SUM PV UFCF 23,791.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.72
Free cash flow (t + 1) 17,696.58
Terminal Value 374,927.58
Present Value of Terminal Value 270,843.43

Intrinsic Value

Enterprise Value 294,635.17
Net Debt 392.08
Equity Value 294,243.09
Shares Outstanding 72.91
Equity Value Per Share 4,035.52