Discounted Cash Flow (DCF) Analysis Unlevered

Eagle Point Credit Company Inc. (ECC)

$11.24

+0.35 (+3.21%)
All numbers are in Millions, Currency in USD
Stock DCF: -14,070.27 | 11.24 | overvalue

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 35.10-49.60-5.3764.06140.84-388.391,071.06-2,953.668,145.29-22,462.18
Revenue (%)
EBITDA 44.06-40.054.7771.39146.32-258.59713.12-1,966.565,423.16-14,955.40
EBITDA (%)
EBIT ------258.59713.12-1,966.565,423.16-14,955.40
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 14.051.5232.874.7613.92433.09-1,194.323,293.57-9,082.6525,047.13
Total Cash (%)
Account Receivables 18.1718.3012.7323.8923.06130.82-360.75994.84-2,743.467,565.60
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 16.15-22.82-2.4729.4764.80-178.69492.77-1,358.903,747.42-10,334.22
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.24
Beta 0.899
Diluted Shares Outstanding 28.63
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 10.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.207
Total Debt 140.69
Total Equity 321.83
Total Capital 462.52
Debt Weighting 30.42
Equity Weighting 69.58
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 35.10-49.60-5.3764.06140.84-388.391,071.06-2,953.668,145.29-22,462.18
EBITDA 44.06-40.054.7771.39146.32-258.59713.12-1,966.565,423.16-14,955.40
EBIT ------258.59713.12-1,966.565,423.16-14,955.40
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------258.59713.12-1,966.565,423.16-14,955.40
Depreciation ----------
Accounts Receivable --0.135.57-11.160.83-107.75491.57-1,355.593,738.29-10,309.06
Inventories ----------
Accounts Payable --38.9720.3531.9435.32-243.48671.45-1,851.665,106.31-14,081.63
Capital Expenditure ----------
UFCF ------609.831,876.14-5,173.8114,267.77-39,346.09
WACC
PV UFCF -560.301,583.75-4,012.7810,167.21-25,760.78
SUM PV UFCF -18,582.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.84
Free cash flow (t + 1) -40,133.02
Terminal Value -586,740
Present Value of Terminal Value -384,151.94

Intrinsic Value

Enterprise Value -402,734.82
Net Debt 126.78
Equity Value -402,861.60
Shares Outstanding 28.63
Equity Value Per Share -14,070.27