Discounted Cash Flow (DCF) Analysis Unlevered

Eaton Vance Tax-Advantaged Global D... (ETO)

$20.14

-0.09 (-0.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 30,829.92 | 20.14 | undervalue

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 72.73-4.4158.246.68169.51518.551,586.334,852.8614,845.7545,415.73
Revenue (%)
EBITDA 74.26-1.9661.407.97169.63488.861,495.514,575.0113,995.7542,815.44
EBITDA (%)
EBIT -----488.861,495.514,575.0113,995.7542,815.44
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 -0.100.08-0.07-1.85-5.67-17.35-53.09-162.40-496.81
Total Cash (%)
Account Receivables 5.931.242.601.313.326.211958.12177.81543.95
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.880.652.950.651.695.1615.7948.31147.80452.13
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.14
Beta 1.524
Diluted Shares Outstanding 15.69
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.156
Total Debt 103
Total Equity 315.91
Total Capital 418.91
Debt Weighting 24.59
Equity Weighting 75.41
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 72.73-4.4158.246.68169.51518.551,586.334,852.8614,845.7545,415.73
EBITDA 74.26-1.9661.407.97169.63488.861,495.514,575.0113,995.7542,815.44
EBIT -----488.861,495.514,575.0113,995.7542,815.44
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----488.861,495.514,575.0113,995.7542,815.44
Depreciation ----------
Accounts Receivable -4.68-1.361.29-2.02-2.89-12.79-39.12-119.69-366.14
Inventories ----------
Accounts Payable --2.232.29-2.301.043.4710.6332.5299.48304.34
Capital Expenditure ----------
UFCF -----489.451,493.354,568.4113,975.5542,753.63
WACC
PV UFCF 450.811,266.903,569.7310,058.4128,341.56
SUM PV UFCF 43,687.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.57
Free cash flow (t + 1) 43,608.70
Terminal Value 663,754.98
Present Value of Terminal Value 440,006

Intrinsic Value

Enterprise Value 483,693.42
Net Debt 103
Equity Value 483,590.42
Shares Outstanding 15.69
Equity Value Per Share 30,829.92