Discounted Cash Flow (DCF) Analysis Unlevered

The GDL Fund (GDL)

$7.85

-0.03 (-0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.22 | 7.85 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4.73-4.168.65-1.551.62-1.701.77-1.861.94
Revenue (%)
EBITDA 8.04-0.3712.49-0.761.51-1.581.65-1.731.81
EBITDA (%)
EBIT ----1.51-1.581.65-1.731.81
EBIT (%)
Depreciation ---------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.1116.111.681.89-1.982.07-2.162.26-2.36
Total Cash (%)
Account Receivables 6.694.1227.897.88-0.580.61-0.630.66-0.69
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 6.1319.6659.218.29-0.780.82-0.850.89-0.93
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.85
Beta 0.343
Diluted Shares Outstanding 15.75
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.109
Total Debt -
Total Equity 123.61
Total Capital 123.61
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4.73-4.168.65-1.551.62-1.701.77-1.861.94
EBITDA 8.04-0.3712.49-0.761.51-1.581.65-1.731.81
EBIT ----1.51-1.581.65-1.731.81
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----1.51-1.581.65-1.731.81
Depreciation ---------
Accounts Receivable -2.57-23.7720.018.46-1.191.24-1.301.36
Inventories ---------
Accounts Payable -13.5339.55-50.92-9.071.60-1.671.75-1.83
Capital Expenditure ---------
UFCF ----0.90-1.171.22-1.281.34
WACC
PV UFCF 0.90-1.111.11-1.101.09
SUM PV UFCF 0.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.11
Free cash flow (t + 1) 1.36
Terminal Value 43.80
Present Value of Terminal Value 34.14

Intrinsic Value

Enterprise Value 34.99
Net Debt -
Equity Value 34.99
Shares Outstanding 15.75
Equity Value Per Share 2.22