Discounted Cash Flow (DCF) Analysis Unlevered

Eaton Vance Senior Income Trust (EVF)

$5.75

-0.03 (-0.52%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.46 | 5.75 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 17.8210.37-14.686.12-2.551.06-0.440.18
Revenue (%)
EBITDA 18.3712.66-13.136.42-2.671.11-0.460.19
EBITDA (%)
EBIT ---6.42-2.671.11-0.460.19
EBIT (%)
Depreciation --------
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 4.544.707.740.37-0.150.06-0.030.01
Total Cash (%)
Account Receivables 3.976.6381.51-9.573.99-1.660.69-0.29
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 18.8314.35100.62-93.75-1.560.65-0.27
Accounts Payable (%)
Capital Expenditure --------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.75
Beta 0.566
Diluted Shares Outstanding 38.05
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.512
Total Debt 95
Total Equity 218.80
Total Capital 313.80
Debt Weighting 30.27
Equity Weighting 69.73
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 17.8210.37-14.686.12-2.551.06-0.440.18
EBITDA 18.3712.66-13.136.42-2.671.11-0.460.19
EBIT ---6.42-2.671.11-0.460.19
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ---6.42-2.671.11-0.460.19
Depreciation --------
Accounts Receivable --2.65-74.8891.07-13.555.65-2.350.98
Inventories --------
Accounts Payable --4.4886.27-109.6212.75-5.322.22-0.92
Capital Expenditure --------
UFCF ----12.13-3.471.45-0.600.25
WACC
PV UFCF -12.71-3.471.38-0.550.22
SUM PV UFCF -13.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.79
Free cash flow (t + 1) 0.26
Terminal Value 9.20
Present Value of Terminal Value 7.28

Intrinsic Value

Enterprise Value -6.51
Net Debt 87.26
Equity Value -93.76
Shares Outstanding 38.05
Equity Value Per Share -2.46