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
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 | $ 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 | -17.53 | 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 | 11.25 | 6.77 | 5 | 3.70 | 2.73 | |||||
| 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 |