Discounted Cash Flow (DCF) Analysis Unlevered

Calamos Strategic Total Return Fund (CSQ)

$15.84

-0.06 (-0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 6,134.47 | 15.84 | 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 407.2775.01260.22226.161,013.812,282.365,138.2111,567.5426,041.7258,627.10
Revenue (%)
EBITDA 417.0297.61287.60242.671,027.682,518.415,669.6312,763.9128,735.0864,690.61
EBITDA (%)
EBIT -----2,518.415,669.6312,763.9128,735.0864,690.61
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 -0.120.110.09164.6594.02211.66476.501,072.742,415.03
Total Cash (%)
Account Receivables 6115.3414.5412.8629.27226.34509.551,147.132,582.515,813.94
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 53.027.6216.057.1734.24163.81368.79830.251,869.134,207.93
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.84
Beta 1.360
Diluted Shares Outstanding 155.24
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.243
Total Debt 880
Total Equity 2,459.01
Total Capital 3,339.01
Debt Weighting 26.36
Equity Weighting 73.64
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 407.2775.01260.22226.161,013.812,282.365,138.2111,567.5426,041.7258,627.10
EBITDA 417.0297.61287.60242.671,027.682,518.415,669.6312,763.9128,735.0864,690.61
EBIT -----2,518.415,669.6312,763.9128,735.0864,690.61
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----2,518.415,669.6312,763.9128,735.0864,690.61
Depreciation ----------
Accounts Receivable -45.670.791.69-16.41-197.07-283.21-637.58-1,435.38-3,231.43
Inventories ----------
Accounts Payable --45.418.44-8.8827.08129.57204.98461.461,038.882,338.80
Capital Expenditure ----------
UFCF -----2,450.915,591.4012,587.7928,338.5863,797.98
WACC
PV UFCF 2,284.814,859.1910,197.9921,402.5244,917.49
SUM PV UFCF 83,662

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.27
Free cash flow (t + 1) 65,073.93
Terminal Value 1,234,799.52
Present Value of Terminal Value 869,370.80

Intrinsic Value

Enterprise Value 953,032.80
Net Debt 715.35
Equity Value 952,317.45
Shares Outstanding 155.24
Equity Value Per Share 6,134.47