Discounted Cash Flow (DCF) Analysis Unlevered

Gladstone Capital Corporation (GLAD)

$8.64

+0.25 (+2.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 11,141.42 | 8.64 | undervalue

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 39.2345.5850.038.4094.74324.701,112.883,814.2813,073.0544,806.52
Revenue (%)
EBITDA 20.2524.5127.918.1295.81233.12798.982,738.439,385.6932,168.49
EBITDA (%)
EBIT -----233.12798.982,738.439,385.6932,168.49
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 5.011.9715.712.420.6750.67173.65595.172,039.906,991.54
Total Cash (%)
Account Receivables 4.785.415.455.105.3165.81225.57773.122,649.809,081.93
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.790.621.421.562.2917.6460.46207.24710.282,434.42
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.64
Beta 1.267
Diluted Shares Outstanding 33.23
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.946
Total Debt 237.11
Total Equity 287.15
Total Capital 524.26
Debt Weighting 45.23
Equity Weighting 54.77
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 39.2345.5850.038.4094.74324.701,112.883,814.2813,073.0544,806.52
EBITDA 20.2524.5127.918.1295.81233.12798.982,738.439,385.6932,168.49
EBIT -----233.12798.982,738.439,385.6932,168.49
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----233.12798.982,738.439,385.6932,168.49
Depreciation ----------
Accounts Receivable --0.62-0.040.35-0.21-60.50-159.76-547.55-1,876.68-6,432.12
Inventories ----------
Accounts Payable --0.170.800.140.7315.3542.82146.77503.051,724.14
Capital Expenditure ----------
UFCF -----187.97682.052,337.658,012.0627,460.50
WACC
PV UFCF 174.61588.561,873.865,966.0718,994.96
SUM PV UFCF 27,598.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.65
Free cash flow (t + 1) 28,009.71
Terminal Value 495,747.11
Present Value of Terminal Value 342,917.80

Intrinsic Value

Enterprise Value 370,515.85
Net Debt 236.44
Equity Value 370,279.41
Shares Outstanding 33.23
Equity Value Per Share 11,141.42