Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock Enhanced Government Fund,... (EGF)
$10.15
+0.42 (+4.32%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3.29 | -0.23 | 2.56 | 1.29 | -4.62 | 16.50 | -58.95 | 210.66 | -752.73 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 3.61 | 0.06 | 3.01 | 1.39 | -3.58 | 12.79 | -45.70 | 163.30 | -583.52 |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | -3.58 | 12.79 | -45.70 | 163.30 | -583.52 |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 0.02 | -0 | 0.02 | 0.01 | -0.03 | 0.10 | -0.36 | 1.29 | -4.62 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 0.60 | 0.80 | 0.62 | 0.56 | 3.03 | -10.83 | 38.71 | -138.33 | 494.30 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 0.24 | 0.22 | 0.19 | 0.42 | 0.53 | -1.90 | 6.81 | -24.32 | 86.90 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.15 |
|---|---|
| Beta | 0.220 |
| Diluted Shares Outstanding | 4.94 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.729 |
| Total Debt | - |
| Total Equity | 50.14 |
| Total Capital | 50.14 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3.29 | -0.23 | 2.56 | 1.29 | -4.62 | 16.50 | -58.95 | 210.66 | -752.73 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 3.61 | 0.06 | 3.01 | 1.39 | -3.58 | 12.79 | -45.70 | 163.30 | -583.52 |
| EBIT | - | - | - | - | -3.58 | 12.79 | -45.70 | 163.30 | -583.52 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | -3.58 | 12.79 | -45.70 | 163.30 | -583.52 |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.20 | 0.18 | 0.06 | -2.47 | 13.87 | -49.55 | 177.05 | -632.63 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.02 | -0.02 | 0.23 | 0.11 | -2.44 | 8.71 | -31.13 | 111.22 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | -5.94 | 24.22 | -86.54 | 309.22 | -1,104.94 |
| WACC | |||||||||
| PV UFCF | -5.94 | 23.12 | -78.90 | 269.19 | -918.45 | ||||
| SUM PV UFCF | -678.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.73 |
| Free cash flow (t + 1) | -1,127.04 |
| Terminal Value | -41,283.41 |
| Present Value of Terminal Value | -32,765.74 |
Intrinsic Value
| Enterprise Value | -33,444.60 |
|---|---|
| Net Debt | -0.01 |
| Equity Value | -33,444.60 |
| Shares Outstanding | 4.94 |
| Equity Value Per Share | -6,769.86 |