Discounted Cash Flow (DCF) Analysis Unlevered

Eagle Point Credit Company Inc. (ECC)

$10.08

+0.02 (+0.20%)
All numbers are in Millions, Currency in USD
Stock DCF: -5,846.94 | 10.08 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue -5.3764.06140.84-92.73122.69-359.081,050.97-3,076.019,002.92-26,349.89
Revenue (%)
EBITDA -8.6960.89131.86-87.68118.75-389.111,138.85-3,333.229,755.71-28,553.19
EBITDA (%)
EBIT ------389.111,138.85-3,333.229,755.71-28,553.19
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 32.874.7613.9256.8346.45443.79-1,298.903,801.66-11,126.7532,565.97
Total Cash (%)
Account Receivables 12.7323.8923.0635.9235.94138.41-405.101,185.66-3,470.2010,156.65
Account Receivables (%)
Inventories 0-0-00-00-00-00.01
Inventories (%)
Accounts Payable -6.3818.6127.430.845.14-15.0344-128.79376.95
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.08
Beta 0.793
Diluted Shares Outstanding 67.18
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 8.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.005
Total Debt 157.71
Total Equity 677.15
Total Capital 834.86
Debt Weighting 18.89
Equity Weighting 81.11
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue -5.3764.06140.84-92.73122.69-359.081,050.97-3,076.019,002.92-26,349.89
EBITDA -8.6960.89131.86-87.68118.75-389.111,138.85-3,333.229,755.71-28,553.19
EBIT ------389.111,138.85-3,333.229,755.71-28,553.19
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------389.111,138.85-3,333.229,755.71-28,553.19
Depreciation ----------
Accounts Receivable --11.160.83-12.86-0.02-102.47543.51-1,590.764,655.86-13,626.86
Inventories -00-00-00-00-0.01
Accounts Payable --12.238.82-26.594.30-20.1759.04-172.79505.74
Capital Expenditure ----------
UFCF ------487.281,662.19-4,864.9414,238.79-41,674.32
WACC
PV UFCF -450.681,421.90-3,849.1010,419.55-28,205.80
SUM PV UFCF -20,664.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.12
Free cash flow (t + 1) -41,882.69
Terminal Value -549,641.65
Present Value of Terminal Value -372,005.57

Intrinsic Value

Enterprise Value -392,669.70
Net Debt 111.27
Equity Value -392,780.97
Shares Outstanding 67.18
Equity Value Per Share -5,846.94