Discounted Cash Flow (DCF) Analysis Unlevered

Capital Southwest Corporation (CSWC)

$18.09

-0.20 (-1.09%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,462,144,661,004.49 | 18.09 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 53.1948.87-0.2472.5883-6,338.61484,060.05-36,966,188.732,822,995,018.51-215,583,514,262.83
Revenue (%)
EBITDA 45.1747.502.1075.4768.996,578.42-502,374.1138,364,777.49-2,929,800,974.25223,739,959,149
EBITDA (%)
EBIT 44.2446.11-0.3173.5066.76-6,213.88474,534.88-36,238,780.632,767,445,082.36-211,341,335,167.56
EBIT (%)
Depreciation 0.931.392.401.972.2312,792.30-976,908.9974,603,558.12-5,697,246,056.61435,081,294,316.56
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 7.919.9213.7431.6111.4372,656.03-5,548,519.13423,723,472.94-32,358,468,496.162,471,117,486,507.18
Total Cash (%)
Account Receivables 5.6710.5010.4410.7014.3455,267.23-4,220,589.75322,313,558.49-24,614,102,815.991,879,703,913,999.67
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.524.16-0.026.177.06-539.2241,178.59-3,144,683.36240,149,871.37-18,339,512,779.86
Accounts Payable (%)
Capital Expenditure -----2152.35-11,634.66888,503.79-67,852,322.615,181,674,803.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.09
Beta 1.194
Diluted Shares Outstanding 22.84
Cost of Debt
Tax Rate 8.59
After-tax Cost of Debt 3.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.343
Total Debt 528.59
Total Equity 413.17
Total Capital 941.76
Debt Weighting 56.13
Equity Weighting 43.87
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 53.1948.87-0.2472.5883-6,338.61484,060.05-36,966,188.732,822,995,018.51-215,583,514,262.83
EBITDA 45.1747.502.1075.4768.996,578.42-502,374.1138,364,777.49-2,929,800,974.25223,739,959,149
EBIT 44.2446.11-0.3173.5066.76-6,213.88474,534.88-36,238,780.632,767,445,082.36-211,341,335,167.56
Tax Rate 0.16%2.56%-38.44%8.42%8.59%-3.74%-3.74%-3.74%-3.74%-3.74%
EBIAT 44.1744.92-0.4367.3161.03-6,446.34492,286.99-37,594,455.262,870,973,816.40-219,247,508,634.40
Depreciation 0.931.392.401.972.2312,792.30-976,908.9974,603,558.12-5,697,246,056.61435,081,294,316.56
Accounts Receivable --4.830.06-0.26-3.64-55,252.894,275,856.98-326,534,148.2424,936,416,374.48-1,904,318,016,815.66
Inventories ----------
Accounts Payable --0.37-4.186.190.89-546.2841,717.81-3,185,861.95243,294,554.73-18,579,662,651.23
Capital Expenditure -----2152.35-11,634.66888,503.79-67,852,322.615,181,674,803.75
UFCF 45.1041.12-2.1475.2158.51-49,300.853,821,318.13-291,822,403.5522,285,586,366.40-1,701,882,218,980.98
WACC
PV UFCF -46,497.083,399,035.28-244,811,799.3317,632,302,169.92-1,269,947,284,663.17
SUM PV UFCF -1,252,556,441,754.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.03
Free cash flow (t + 1) -1,735,919,863,360.60
Terminal Value -43,074,934,574,704.77
Present Value of Terminal Value -32,142,586,361,201.91

Intrinsic Value

Enterprise Value -33,395,142,802,956.29
Net Debt 517.16
Equity Value -33,395,142,803,473.44
Shares Outstanding 22.84
Equity Value Per Share -1,462,144,661,004.49