Discounted Cash Flow (DCF) Analysis Unlevered
Wells Fargo Advantage Funds - Allsp... (EOD)
$4.33
-0.13 (-2.91%)
All numbers are in Millions, Currency in USD
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 | 34.96 | -18.56 | 37.76 | -20.22 | 74.27 | -125.75 | 212.93 | -360.54 | 610.47 | -1,033.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 34.71 | -18.33 | 39.54 | -19.72 | 74.21 | -125.78 | 212.98 | -360.62 | 610.62 | -1,033.91 |
| EBITDA (%) | ||||||||||
| EBIT | 34.94 | -18.10 | 38.74 | -19.83 | 74.15 | -125.23 | 212.05 | -359.05 | 607.95 | -1,029.39 |
| EBIT (%) | ||||||||||
| Depreciation | -0.24 | -0.23 | 0.79 | 0.11 | 0.06 | -0.55 | 0.93 | -1.57 | 2.67 | -4.52 |
| 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 | - | 0.08 | -0.16 | 0.09 | -0.32 | 0.54 | -0.92 | 1.55 | -2.63 | 4.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.01 | 2.61 | 4.43 | 1.75 | 1.81 | 0.70 | -1.18 | 2 | -3.39 | 5.75 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.64 | 0.35 | 2.89 | 0.81 | 0.71 | -1.14 | 1.93 | -3.27 | 5.54 | -9.39 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.33 |
|---|---|
| Beta | 0.983 |
| Diluted Shares Outstanding | 44.02 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.521 |
| Total Debt | 47.50 |
| Total Equity | 190.60 |
| Total Capital | 238.10 |
| Debt Weighting | 19.95 |
| Equity Weighting | 80.05 |
| 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 | 34.96 | -18.56 | 37.76 | -20.22 | 74.27 | -125.75 | 212.93 | -360.54 | 610.47 | -1,033.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 34.71 | -18.33 | 39.54 | -19.72 | 74.21 | -125.78 | 212.98 | -360.62 | 610.62 | -1,033.91 |
| EBIT | 34.94 | -18.10 | 38.74 | -19.83 | 74.15 | -125.23 | 212.05 | -359.05 | 607.95 | -1,029.39 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 34.94 | -18.10 | 38.74 | -19.83 | 74.15 | -125.23 | 212.05 | -359.05 | 607.95 | -1,029.39 |
| Depreciation | -0.24 | -0.23 | 0.79 | 0.11 | 0.06 | -0.55 | 0.93 | -1.57 | 2.67 | -4.52 |
| Accounts Receivable | - | -0.60 | -1.82 | 2.68 | -0.06 | 1.11 | 1.88 | -3.19 | 5.40 | -9.14 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.28 | 2.54 | -2.08 | -0.10 | -1.85 | 3.08 | -5.21 | 8.82 | -14.93 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -126.53 | 217.94 | -369.02 | 624.83 | -1,057.98 |
| WACC | ||||||||||
| PV UFCF | -118.28 | 190.43 | -301.40 | 477.04 | -755.03 | |||||
| SUM PV UFCF | -507.24 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.98 |
| Free cash flow (t + 1) | -1,079.14 |
| Terminal Value | -21,669.47 |
| Present Value of Terminal Value | -15,464.48 |
Intrinsic Value
| Enterprise Value | -15,971.72 |
|---|---|
| Net Debt | 47.50 |
| Equity Value | -16,019.21 |
| Shares Outstanding | 44.02 |
| Equity Value Per Share | -363.92 |