Discounted Cash Flow (DCF) Analysis Unlevered

First Trust/Abrdn Global Opportunit... (FAM)

$5.55

-0.08 (-1.42%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.29 | 5.55 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 27.85-12.6422.625.80-3.842.54-1.681.12-0.74
Revenue (%)
EBITDA 28.27-11.7323.725.69-3.812.53-1.671.11-0.73
EBITDA (%)
EBIT -----3.812.53-1.671.11-0.73
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 2.963.702.272.17-0.280.18-0.120.08-0.05
Total Cash (%)
Account Receivables 3.893.623.413.10-0.520.34-0.230.15-0.10
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 0.040.060.040.02-00-00-0
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.55
Beta 0.636
Diluted Shares Outstanding 12.69
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.759
Total Debt 53.51
Total Equity 70.43
Total Capital 123.94
Debt Weighting 43.18
Equity Weighting 56.82
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 27.85-12.6422.625.80-3.842.54-1.681.12-0.74
EBITDA 28.27-11.7323.725.69-3.812.53-1.671.11-0.73
EBIT -----3.812.53-1.671.11-0.73
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----3.812.53-1.671.11-0.73
Depreciation ---------
Accounts Receivable -0.260.210.313.61-0.860.57-0.380.25
Inventories ---------
Accounts Payable -0.02-0.02-0.01-0.020-00-0
Capital Expenditure ---------
UFCF -----0.221.67-1.110.73-0.49
WACC
PV UFCF -0.221.60-1.010.64-0.41
SUM PV UFCF 0.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.44
Free cash flow (t + 1) -0.50
Terminal Value -20.29
Present Value of Terminal Value -16.33

Intrinsic Value

Enterprise Value -15.76
Net Debt 51.35
Equity Value -67.10
Shares Outstanding 12.69
Equity Value Per Share -5.29