Discounted Cash Flow (DCF) Analysis Unlevered

abrdn Asia-Pacific Income Fund VCC (FAP.TO)

$2.63

-0.01 (-0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.90 | 2.63 | 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 5.21-25.2835.12-9.45-4.356.59-9.9715.08-22.8334.54
Revenue (%)
EBITDA 4.23-25.4035.99-9.72-6.076.94-10.5015.88-24.0336.36
EBITDA (%)
EBIT -----6.94-10.5015.88-24.0336.36
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 7.2218.6713.986.8114.15-3.855.83-8.8213.35-20.20
Total Cash (%)
Account Receivables 8.425.345.416.895.92-0.701.06-1.602.42-3.66
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.942.732.234.730.77-0.460.70-1.051.60-2.41
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.63
Beta 0.509
Diluted Shares Outstanding 50.74
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.933
Total Debt 74.12
Total Equity 133.46
Total Capital 207.58
Debt Weighting 35.71
Equity Weighting 64.29
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 5.21-25.2835.12-9.45-4.356.59-9.9715.08-22.8334.54
EBITDA 4.23-25.4035.99-9.72-6.076.94-10.5015.88-24.0336.36
EBIT -----6.94-10.5015.88-24.0336.36
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----6.94-10.5015.88-24.0336.36
Depreciation ----------
Accounts Receivable -3.08-0.07-1.480.966.62-1.762.66-4.026.08
Inventories ----------
Accounts Payable -0.80-0.512.51-3.97-1.231.16-1.752.65-4.01
Capital Expenditure ----------
UFCF -----12.33-11.0916.79-25.4038.43
WACC
PV UFCF 11.82-10.1914.77-21.4231.06
SUM PV UFCF 26.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.35
Free cash flow (t + 1) 39.20
Terminal Value 1,668.13
Present Value of Terminal Value 1,348.24

Intrinsic Value

Enterprise Value 1,374.28
Net Debt 59.98
Equity Value 1,314.31
Shares Outstanding 50.74
Equity Value Per Share 25.90