Discounted Cash Flow (DCF) Analysis Unlevered

Delaware Enhanced Global Dividend a... (DEX)

$7.59

-0.07 (-0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.74 | 7.59 | overvalue

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 36.90-17.5316.382.8312.369.687.585.944.653.64
Revenue (%)
EBITDA 37.67-16.7417.222.8712.019.717.605.954.663.65
EBITDA (%)
EBIT -----9.717.605.954.663.65
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 0.32-0.150.140.020.110.080.070.050.040.03
Total Cash (%)
Account Receivables 4.861.866.102.322.712.782.181.711.341.05
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.400.394.533.050.492.782.181.711.341.05
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.59
Beta 1.104
Diluted Shares Outstanding 12.22
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.916
Total Debt 54
Total Equity 92.74
Total Capital 146.74
Debt Weighting 36.80
Equity Weighting 63.20
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 36.90-17.5316.382.8312.369.687.585.944.653.64
EBITDA 37.67-16.7417.222.8712.019.717.605.954.663.65
EBIT -----9.717.605.954.663.65
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----9.717.605.954.663.65
Depreciation ----------
Accounts Receivable -3-4.233.78-0.39-0.070.600.470.370.29
Inventories ----------
Accounts Payable --2.014.14-1.48-2.562.29-0.60-0.47-0.37-0.29
Capital Expenditure ----------
UFCF -----11.937.605.954.663.65
WACC
PV UFCF 11.256.7753.702.73
SUM PV UFCF 29.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.98
Free cash flow (t + 1) 3.72
Terminal Value 93.55
Present Value of Terminal Value 69.97

Intrinsic Value

Enterprise Value 99.42
Net Debt 53.69
Equity Value 45.73
Shares Outstanding 12.22
Equity Value Per Share 3.74