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
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 17.82 | 10.37 | -14.68 | 6.12 | -2.55 | 1.06 | -0.44 | 0.18 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 18.37 | 12.66 | -13.13 | 6.42 | -2.67 | 1.11 | -0.46 | 0.19 |
| EBITDA (%) | ||||||||
| EBIT | - | - | - | 6.42 | -2.67 | 1.11 | -0.46 | 0.19 |
| 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 | 4.54 | 4.70 | 7.74 | 0.37 | -0.15 | 0.06 | -0.03 | 0.01 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 3.97 | 6.63 | 81.51 | -9.57 | 3.99 | -1.66 | 0.69 | -0.29 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 18.83 | 14.35 | 100.62 | -9 | 3.75 | -1.56 | 0.65 | -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 | 17.82 | 10.37 | -14.68 | 6.12 | -2.55 | 1.06 | -0.44 | 0.18 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 18.37 | 12.66 | -13.13 | 6.42 | -2.67 | 1.11 | -0.46 | 0.19 |
| EBIT | - | - | - | 6.42 | -2.67 | 1.11 | -0.46 | 0.19 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | 6.42 | -2.67 | 1.11 | -0.46 | 0.19 |
| Depreciation | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -2.65 | -74.88 | 91.07 | -13.55 | 5.65 | -2.35 | 0.98 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -4.48 | 86.27 | -109.62 | 12.75 | -5.32 | 2.22 | -0.92 |
| Capital Expenditure | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | -12.13 | -3.47 | 1.45 | -0.60 | 0.25 |
| WACC | ||||||||
| PV UFCF | -12.71 | -3.47 | 1.38 | -0.55 | 0.22 | |||
| 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 |