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
Stock DCF: 0.07 | 6.96 | 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 25.7237.36-43.47138.58-28.7222.30-17.3213.45-10.448.11
Revenue (%)
EBITDA 28.1542.63-38.35138.24-26.6822.50-17.4713.57-10.538.18
EBITDA (%)
EBIT 30.0443.88-37.95139.60-27.9023.17-17.9913.97-10.858.42
EBIT (%)
Depreciation -1.89-1.25-0.40-1.361.22-0.670.52-0.400.31-0.24
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 00-00-00-00-00
Total Cash (%)
Account Receivables 12.4812.0913.2311.1214.720.32-0.250.19-0.150.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.714.547.9527.4813.16-0.100.08-0.060.05-0.04
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 25.7237.36-43.47138.58-28.7222.30-17.3213.45-10.448.11
EBITDA 28.1542.63-38.35138.24-26.6822.50-17.4713.57-10.538.18
EBIT 30.0443.88-37.95139.60-27.9023.17-17.9913.97-10.858.42
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 30.0443.88-37.95139.60-27.9023.17-17.9913.97-10.858.42
Depreciation -1.89-1.25-0.40-1.361.22-0.670.52-0.400.31-0.24
Accounts Receivable -0.39-1.142.11-3.6014.400.57-0.440.35-0.27
Inventories ----------
Accounts Payable --3.173.4219.52-14.32-13.250.17-0.130.10-0.08
Capital Expenditure ----------
UFCF -----23.64-16.7312.99-10.097.83
WACC
PV UFCF 22.43-15.0611.10-8.186.03
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