Discounted Cash Flow (DCF) Analysis Unlevered

PGIM Global High Yield Fund, Inc (GHY)

$11.57

-0.01 (-0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: -112,787.99 | 11.57 | 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 645.16101.70-96.5635.65164.62760.303,511.3616,216.8874,896.10
Revenue (%)
EBITDA 63.434.62101.11-95.1134.99159.63737.243,404.8815,725.1172,624.94
EBITDA (%)
EBIT -----159.63737.243,404.8815,725.1172,624.94
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 0.120.200.230.020.571.969.0541.81193.08891.71
Total Cash (%)
Account Receivables 22.5815.5725.5911.8211.56125.89581.412,685.1912,401.2957,274.19
Account Receivables (%)
Inventories 32.2341.79437.44-415.33153.32708.093,270.2515,103.3569,753.37322,149.32
Inventories (%)
Accounts Payable 16.407.7313.5212.301.3359.19273.371,262.535,830.8826,929.37
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.57
Beta 0.000
Diluted Shares Outstanding 40.92
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.273
Total Debt 145
Total Equity 473.49
Total Capital 618.49
Debt Weighting 23.44
Equity Weighting 76.56
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 645.16101.70-96.5635.65164.62760.303,511.3616,216.8874,896.10
EBITDA 63.434.62101.11-95.1134.99159.63737.243,404.8815,725.1172,624.94
EBIT -----159.63737.243,404.8815,725.1172,624.94
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----159.63737.243,404.8815,725.1172,624.94
Depreciation ----------
Accounts Receivable -7.02-10.0213.760.26-114.33-455.52-2,103.78-9,716.10-44,872.90
Inventories --9.55-395.65852.76-568.65-554.77-2,562.16-11,833.10-54,650.03-252,395.95
Accounts Payable --8.675.79-1.22-10.9757.86214.18989.164,568.3521,098.49
Capital Expenditure ----------
UFCF ------451.61-2,066.26-9,542.83-44,072.67-203,545.42
WACC
PV UFCF -433.12-1,900.49-8,417.81-37,284.80-165,144.64
SUM PV UFCF -213,180.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.27
Free cash flow (t + 1) -204,563.15
Terminal Value -5,426,078.28
Present Value of Terminal Value -4,402,396.83

Intrinsic Value

Enterprise Value -4,615,577.69
Net Debt 144.43
Equity Value -4,615,722.12
Shares Outstanding 40.92
Equity Value Per Share -112,787.99