Discounted Cash Flow (DCF) Analysis Unlevered
Gladstone Investment Corporation (GAINM)
$25.03
-0.01 (-0.04%)
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 | 49.40 | 65.33 | 99.23 | 8.01 | 48.73 | 109.74 | 247.16 | 556.65 | 1,253.66 | 2,823.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 48.38 | 65.22 | 101.74 | 6.98 | 46.89 | 106.18 | 239.14 | 538.58 | 1,212.98 | 2,731.82 |
| EBITDA (%) | ||||||||||
| EBIT | 48.30 | 64.72 | 101.24 | 6.95 | 46.66 | 105.66 | 237.97 | 535.95 | 1,207.04 | 2,718.45 |
| EBIT (%) | ||||||||||
| Depreciation | 0.07 | 0.50 | 0.50 | 0.04 | 0.23 | 0.52 | 1.17 | 2.64 | 5.94 | 13.37 |
| 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 | 2.87 | 3.64 | 1.70 | 2.78 | 2.06 | 11.42 | 25.72 | 57.92 | 130.44 | 293.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.54 | 5.86 | 4.09 | 0.59 | 3.62 | 8.15 | 18.36 | 41.35 | 93.13 | 209.75 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.58 | 0.92 | 0.89 | 1.22 | 1.15 | 4.63 | 10.43 | 23.49 | 52.91 | 119.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 25.03 |
|---|---|
| Beta | 1.457 |
| Diluted Shares Outstanding | 14.60 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 2.93% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.574 |
| Total Debt | 151.38 |
| Total Equity | 365.33 |
| Total Capital | 516.71 |
| Debt Weighting | 29.30 |
| Equity Weighting | 70.70 |
| 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 | 49.40 | 65.33 | 99.23 | 8.01 | 48.73 | 109.74 | 247.16 | 556.65 | 1,253.66 | 2,823.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 48.38 | 65.22 | 101.74 | 6.98 | 46.89 | 106.18 | 239.14 | 538.58 | 1,212.98 | 2,731.82 |
| EBIT | 48.30 | 64.72 | 101.24 | 6.95 | 46.66 | 105.66 | 237.97 | 535.95 | 1,207.04 | 2,718.45 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 48.30 | 64.72 | 101.24 | 6.95 | 46.66 | 105.66 | 237.97 | 535.95 | 1,207.04 | 2,718.45 |
| Depreciation | 0.07 | 0.50 | 0.50 | 0.04 | 0.23 | 0.52 | 1.17 | 2.64 | 5.94 | 13.37 |
| Accounts Receivable | - | -1.31 | 1.76 | 3.50 | -3.03 | -4.53 | -10.21 | -22.99 | -51.78 | -116.61 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.34 | -0.02 | 0.33 | -0.07 | 3.48 | 5.80 | 13.06 | 29.42 | 66.25 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 105.13 | 234.73 | 528.65 | 1,190.62 | 2,681.46 |
| WACC | ||||||||||
| PV UFCF | 97.04 | 200.02 | 415.84 | 864.52 | 1,797.33 | |||||
| SUM PV UFCF | 3,374.76 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.33 |
| Free cash flow (t + 1) | 2,735.09 |
| Terminal Value | 43,208.41 |
| Present Value of Terminal Value | 28,961.74 |
Intrinsic Value
| Enterprise Value | 32,336.49 |
|---|---|
| Net Debt | 149.32 |
| Equity Value | 32,187.18 |
| Shares Outstanding | 14.60 |
| Equity Value Per Share | 2,205.24 |