Discounted Cash Flow (DCF) Analysis Unlevered

Flaherty & Crumrine Total Return Fu... (FLC)

$14.95

-0.01 (-0.07%)
All numbers are in Millions, Currency in USD
Stock DCF: -11.18 | 14.95 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 40.8018.2418.32-35.882.93-0.430.06-0.010-0
Revenue (%)
EBITDA 39.9217.4017.42-34.122.11-0.390.06-0.010-0
EBITDA (%)
EBIT ------0.390.06-0.010-0
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash ----------
Total Cash (%)
Account Receivables 3.083.043.093.243.01-0.120.02-00-0
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.340.200.190.520.69-0.020-00-0
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.95
Beta 0.846
Diluted Shares Outstanding 10.44
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.324
Total Debt 118.50
Total Equity 156.03
Total Capital 274.53
Debt Weighting 43.16
Equity Weighting 56.84
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 40.8018.2418.32-35.882.93-0.430.06-0.010-0
EBITDA 39.9217.4017.42-34.122.11-0.390.06-0.010-0
EBIT ------0.390.06-0.010-0
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------0.390.06-0.010-0
Depreciation ----------
Accounts Receivable -0.04-0.04-0.160.243.12-0.130.02-00
Inventories ----------
Accounts Payable --0.14-00.320.17-0.710.02-00-0
Capital Expenditure ----------
UFCF -----2.02-0.050.01-00
WACC
PV UFCF 1.88-0.040.01-00
SUM PV UFCF 1.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.26
Free cash flow (t + 1) 0
Terminal Value 0
Present Value of Terminal Value 0

Intrinsic Value

Enterprise Value 1.84
Net Debt 118.50
Equity Value -116.66
Shares Outstanding 10.44
Equity Value Per Share -11.18