Discounted Cash Flow (DCF) Analysis Unlevered
Clough Global Opportunities Fund (GLO)
$4.6
+0.01 (+0.22%)
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 | -6.88 | 33.99 | 34.67 | 114.38 | -202.98 | 121.55 | -72.79 | 43.59 | -26.10 | 15.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.49 | 31.69 | 32 | 111.18 | -201.38 | 105.17 | -62.98 | 37.72 | -22.59 | 13.52 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 105.17 | -62.98 | 37.72 | -22.59 | 13.52 |
| 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 | 16.75 | -82.76 | -84.41 | -278.47 | 494.16 | -295.92 | 177.21 | -106.12 | 63.55 | -38.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.85 | 31.74 | 18.93 | 3.56 | 17.24 | 10.46 | -6.26 | 3.75 | -2.25 | 1.34 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 9.50 | 11.24 | 3.44 | 14.26 | 1.93 | -20.32 | 12.17 | -7.29 | 4.36 | -2.61 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.6 |
|---|---|
| Beta | 1.119 |
| Diluted Shares Outstanding | 41.31 |
| Cost of Debt | |
| Tax Rate | -95.39 |
| After-tax Cost of Debt | 4.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.537 |
| Total Debt | 204.79 |
| Total Equity | 190.02 |
| Total Capital | 394.81 |
| Debt Weighting | 51.87 |
| Equity Weighting | 48.13 |
| 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 | -6.88 | 33.99 | 34.67 | 114.38 | -202.98 | 121.55 | -72.79 | 43.59 | -26.10 | 15.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.49 | 31.69 | 32 | 111.18 | -201.38 | 105.17 | -62.98 | 37.72 | -22.59 | 13.52 |
| EBIT | - | - | - | - | - | 105.17 | -62.98 | 37.72 | -22.59 | 13.52 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | -95.39% | -19.08% | -19.08% | -19.08% | -19.08% | -19.08% |
| EBIAT | - | - | - | - | - | 125.24 | -75 | 44.91 | -26.89 | 16.11 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -24.89 | 12.81 | 15.37 | -13.68 | 6.79 | 16.72 | -10.01 | 6 | -3.59 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.74 | -7.81 | 10.83 | -12.33 | -22.26 | 32.50 | -19.46 | 11.65 | -6.98 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 109.77 | -25.78 | 15.44 | -9.24 | 5.54 |
| WACC | ||||||||||
| PV UFCF | 102.78 | -22.60 | 12.67 | -7.11 | 3.98 | |||||
| SUM PV UFCF | 89.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.80 |
| Free cash flow (t + 1) | 5.65 |
| Terminal Value | 117.64 |
| Present Value of Terminal Value | 84.67 |
Intrinsic Value
| Enterprise Value | 174.39 |
|---|---|
| Net Debt | 204.79 |
| Equity Value | -30.40 |
| Shares Outstanding | 41.31 |
| Equity Value Per Share | -0.74 |