Discounted Cash Flow (DCF) Analysis Unlevered
Wells Fargo Advantage Funds - Allsp... (EAD)
$6.96
-0.01 (-0.14%)
All numbers are in Millions, Currency in USD
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 | 25.72 | 37.36 | -43.47 | 138.58 | -28.72 | 22.30 | -17.32 | 13.45 | -10.44 | 8.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 28.15 | 42.63 | -38.35 | 138.24 | -26.68 | 22.50 | -17.47 | 13.57 | -10.53 | 8.18 |
| EBITDA (%) | ||||||||||
| EBIT | 30.04 | 43.88 | -37.95 | 139.60 | -27.90 | 23.17 | -17.99 | 13.97 | -10.85 | 8.42 |
| EBIT (%) | ||||||||||
| Depreciation | -1.89 | -1.25 | -0.40 | -1.36 | 1.22 | -0.67 | 0.52 | -0.40 | 0.31 | -0.24 |
| 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 | 0 | 0 | -0 | 0 | -0 | 0 | -0 | 0 | -0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 12.48 | 12.09 | 13.23 | 11.12 | 14.72 | 0.32 | -0.25 | 0.19 | -0.15 | 0.12 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.71 | 4.54 | 7.95 | 27.48 | 13.16 | -0.10 | 0.08 | -0.06 | 0.05 | -0.04 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.96 |
|---|---|
| Beta | 0.834 |
| Diluted Shares Outstanding | 60.46 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.84% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.467 |
| Total Debt | 194 |
| Total Equity | 420.79 |
| Total Capital | 614.79 |
| Debt Weighting | 31.56 |
| Equity Weighting | 68.44 |
| 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 | 25.72 | 37.36 | -43.47 | 138.58 | -28.72 | 22.30 | -17.32 | 13.45 | -10.44 | 8.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 28.15 | 42.63 | -38.35 | 138.24 | -26.68 | 22.50 | -17.47 | 13.57 | -10.53 | 8.18 |
| EBIT | 30.04 | 43.88 | -37.95 | 139.60 | -27.90 | 23.17 | -17.99 | 13.97 | -10.85 | 8.42 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 30.04 | 43.88 | -37.95 | 139.60 | -27.90 | 23.17 | -17.99 | 13.97 | -10.85 | 8.42 |
| Depreciation | -1.89 | -1.25 | -0.40 | -1.36 | 1.22 | -0.67 | 0.52 | -0.40 | 0.31 | -0.24 |
| Accounts Receivable | - | 0.39 | -1.14 | 2.11 | -3.60 | 14.40 | 0.57 | -0.44 | 0.35 | -0.27 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.17 | 3.42 | 19.52 | -14.32 | -13.25 | 0.17 | -0.13 | 0.10 | -0.08 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 23.64 | -16.73 | 12.99 | -10.09 | 7.83 |
| WACC | ||||||||||
| PV UFCF | 22.43 | -15.06 | 11.10 | -8.18 | 6.03 | |||||
| SUM PV UFCF | 16.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.38 |
| Free cash flow (t + 1) | 7.99 |
| Terminal Value | 236.35 |
| Present Value of Terminal Value | 181.87 |
Intrinsic Value
| Enterprise Value | 198.19 |
|---|---|
| Net Debt | 194 |
| Equity Value | 4.19 |
| Shares Outstanding | 60.46 |
| Equity Value Per Share | 0.07 |