Discounted Cash Flow (DCF) Analysis Unlevered
First Trust/abrdn Emerging Opportun... (FEO)
$9.58
+0.03 (+0.31%)
All numbers are in Millions, Currency in USD
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 | 16.73 | -10.35 | 14.04 | 9.49 | -3.94 | 1.69 | -0.72 | 0.31 | -0.13 | 0.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 16.30 | -10.69 | 13.72 | 9.05 | -4.12 | 1.68 | -0.72 | 0.31 | -0.13 | 0.06 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 1.68 | -0.72 | 0.31 | -0.13 | 0.06 |
| 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 | 0.31 | 0.98 | -0.53 | -0.36 | 0.15 | -0.06 | 0.03 | -0.01 | 0.01 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.58 | 1.25 | 1.17 | 0.99 | 1.17 | -0.03 | 0.01 | -0 | 0 | -0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.24 | 0.01 | 0 | 0.32 | 0.03 | 0.03 | -0.01 | 0.01 | -0 | 0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.58 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 5.05 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.714 |
| Total Debt | 5.80 |
| Total Equity | 48.35 |
| Total Capital | 54.15 |
| Debt Weighting | 10.71 |
| Equity Weighting | 89.29 |
| 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 | 16.73 | -10.35 | 14.04 | 9.49 | -3.94 | 1.69 | -0.72 | 0.31 | -0.13 | 0.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 16.30 | -10.69 | 13.72 | 9.05 | -4.12 | 1.68 | -0.72 | 0.31 | -0.13 | 0.06 |
| EBIT | - | - | - | - | - | 1.68 | -0.72 | 0.31 | -0.13 | 0.06 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 1.68 | -0.72 | 0.31 | -0.13 | 0.06 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 1.33 | 0.08 | 0.18 | -0.18 | 1.20 | -0.04 | 0.02 | -0.01 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.23 | -0 | 0.31 | -0.29 | 0 | -0.05 | 0.02 | -0.01 | 0 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 2.89 | -0.81 | 0.35 | -0.15 | 0.06 |
| WACC | ||||||||||
| PV UFCF | 2.79 | -0.75 | 0.31 | -0.13 | 0.05 | |||||
| SUM PV UFCF | 2.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.43 |
| Free cash flow (t + 1) | 0.06 |
| Terminal Value | 4.53 |
| Present Value of Terminal Value | 3.83 |
Intrinsic Value
| Enterprise Value | 6.10 |
|---|---|
| Net Debt | 4.99 |
| Equity Value | 1.11 |
| Shares Outstanding | 5.05 |
| Equity Value Per Share | 0.22 |