Discounted Cash Flow (DCF) Analysis Unlevered
Delaware Enhanced Global Dividend a... (DEX)
$8.6
+0.02 (+0.23%)
All numbers are in Millions, Currency in USD
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 | -17.53 | 16.38 | 2.83 | 12.36 | 9.68 | 7.58 | 5.94 | 4.65 | 3.64 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 37.67 | -16.74 | 17.22 | 2.87 | 12.01 | 9.71 | 7.60 | 5.95 | 4.66 | 3.65 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | 9.71 | 7.60 | 5.95 | 4.66 | 3.65 |
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 | -0.15 | 0.14 | 0.02 | 0.11 | 0.08 | 0.07 | 0.05 | 0.04 | 0.03 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 4.86 | 1.86 | 6.10 | 2.32 | 2.71 | 2.78 | 2.18 | 1.71 | 1.34 | 1.05 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 2.40 | 0.39 | 4.53 | 3.05 | 0.49 | 2.78 | 2.18 | 1.71 | 1.34 | 1.05 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 8.6 |
---|---|
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 | 8.853 |
Total Debt | 54 |
Total Equity | 105.08 |
Total Capital | 159.08 |
Debt Weighting | 33.95 |
Equity Weighting | 66.05 |
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 | -17.53 | 16.38 | 2.83 | 12.36 | 9.68 | 7.58 | 5.94 | 4.65 | 3.64 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 37.67 | -16.74 | 17.22 | 2.87 | 12.01 | 9.71 | 7.60 | 5.95 | 4.66 | 3.65 |
EBIT | - | - | - | - | - | 9.71 | 7.60 | 5.95 | 4.66 | 3.65 |
Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EBIAT | - | - | - | - | - | 9.71 | 7.60 | 5.95 | 4.66 | 3.65 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | 3 | -4.23 | 3.78 | -0.39 | -0.07 | 0.60 | 0.47 | 0.37 | 0.29 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -2.01 | 4.14 | -1.48 | -2.56 | 2.29 | -0.60 | -0.47 | -0.37 | -0.29 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
UFCF | - | - | - | - | - | 11.93 | 7.60 | 5.95 | 4.66 | 3.65 |
WACC | ||||||||||
PV UFCF | 11.23 | 6.74 | 4.97 | 3.67 | 2.71 | |||||
SUM PV UFCF | 29.33 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.17 |
Free cash flow (t + 1) | 3.72 |
Terminal Value | 89.28 |
Present Value of Terminal Value | 66.19 |
Intrinsic Value
Enterprise Value | 95.51 |
---|---|
Net Debt | 53.69 |
Equity Value | 41.82 |
Shares Outstanding | 12.22 |
Equity Value Per Share | 3.42 |