Discounted Cash Flow (DCF) Analysis Unlevered

Fidus Investment Corporation (FDUS)

$19.75

-0.01 (-0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 102.65 | 19.75 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 55.2053.9439.97127.2552.9570.4093.59124.43165.42219.92
Revenue (%)
EBITDA 58.6549.0932.66118.6764.2069.4892.37122.80163.26217.05
EBITDA (%)
EBIT 84.3674.2251.29177.9588.87102.28135.97180.77240.33319.51
EBIT (%)
Depreciation -25.72-25.13-18.62-59.28-24.67-32.80-43.60-57.97-77.07-102.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 42.0215.01124.31169.4262.3593.75124.63165.69220.29292.87
Total Cash (%)
Account Receivables 7.536.337.558.2311.8310.2913.6818.1824.1732.14
Account Receivables (%)
Inventories -000000000
Inventories (%)
Accounts Payable 2.983.953.995.325.545.266.999.3012.3616.43
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.75
Beta 1.444
Diluted Shares Outstanding 24.47
Cost of Debt
Tax Rate 24.81
After-tax Cost of Debt 3.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.143
Total Debt 410.10
Total Equity 483.25
Total Capital 893.35
Debt Weighting 45.91
Equity Weighting 54.09
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 55.2053.9439.97127.2552.9570.4093.59124.43165.42219.92
EBITDA 58.6549.0932.66118.6764.2069.4892.37122.80163.26217.05
EBIT 84.3674.2251.29177.9588.87102.28135.97180.77240.33319.51
Tax Rate 2.90%1.27%4.41%2.16%24.81%7.11%7.11%7.11%7.11%7.11%
EBIAT 81.9173.2849.03174.1166.8295126.31167.92223.25296.80
Depreciation -25.72-25.13-18.62-59.28-24.67-32.80-43.60-57.97-77.07-102.46
Accounts Receivable -1.20-1.22-0.68-3.601.54-3.39-4.51-5.99-7.96
Inventories --0-00-0-0-0-0-0
Accounts Payable -0.960.051.330.21-0.281.732.303.064.07
Capital Expenditure ----------
UFCF -----63.4781.05107.75143.25190.45
WACC
PV UFCF 58.997086.49106.87132.04
SUM PV UFCF 454.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.60
Free cash flow (t + 1) 194.26
Terminal Value 3,468.86
Present Value of Terminal Value 2,405.06

Intrinsic Value

Enterprise Value 2,859.45
Net Debt 347.75
Equity Value 2,511.70
Shares Outstanding 24.47
Equity Value Per Share 102.65