Discounted Cash Flow (DCF) Analysis Unlevered
Gladstone Capital Corporation (GLAD)
$9.415
-0.03 (-0.26%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 31.33 | 33.44 | 8.40 | 94.74 | 32.37 | 104.75 | 338.94 | 1,096.68 | 3,548.45 | 11,481.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 24.51 | 27.91 | 8.12 | 95.81 | 32.88 | 96.59 | 312.53 | 1,011.21 | 3,271.90 | 10,586.61 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 96.59 | 312.53 | 1,011.21 | 3,271.90 | 10,586.61 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 1.97 | 15.71 | 2.42 | 0.67 | 2.01 | 18.65 | 60.33 | 195.20 | 631.60 | 2,043.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.41 | 5.45 | 5.10 | 5.31 | 5.94 | 24.78 | 80.18 | 259.44 | 839.46 | 2,716.19 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.62 | 1.42 | 1.56 | 2.29 | 3.02 | 7.65 | 24.75 | 80.07 | 259.08 | 838.29 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.415 |
|---|---|
| Beta | 1.303 |
| Diluted Shares Outstanding | 33.23 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.785 |
| Total Debt | 339.41 |
| Total Equity | 312.90 |
| Total Capital | 652.31 |
| Debt Weighting | 52.03 |
| Equity Weighting | 47.97 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 31.33 | 33.44 | 8.40 | 94.74 | 32.37 | 104.75 | 338.94 | 1,096.68 | 3,548.45 | 11,481.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 24.51 | 27.91 | 8.12 | 95.81 | 32.88 | 96.59 | 312.53 | 1,011.21 | 3,271.90 | 10,586.61 |
| EBIT | - | - | - | - | - | 96.59 | 312.53 | 1,011.21 | 3,271.90 | 10,586.61 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 96.59 | 312.53 | 1,011.21 | 3,271.90 | 10,586.61 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.04 | 0.35 | -0.21 | -0.62 | -18.85 | -55.40 | -179.26 | -580.02 | -1,876.72 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.80 | 0.14 | 0.73 | 0.73 | 4.63 | 17.10 | 55.32 | 179.01 | 579.20 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 82.37 | 274.22 | 887.28 | 2,870.89 | 9,289.09 |
| WACC | ||||||||||
| PV UFCF | 77.22 | 240.95 | 730.82 | 2,216.58 | 6,722.93 | |||||
| SUM PV UFCF | 9,988.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.68 |
| Free cash flow (t + 1) | 9,474.88 |
| Terminal Value | 202,454.63 |
| Present Value of Terminal Value | 146,525.32 |
Intrinsic Value
| Enterprise Value | 156,513.82 |
|---|---|
| Net Debt | 337.40 |
| Equity Value | 156,176.43 |
| Shares Outstanding | 33.23 |
| Equity Value Per Share | 4,699.23 |