Discounted Cash Flow (DCF) Analysis Unlevered
John Hancock Preferred Income Fund ... (HPS)
$15.6
+0.01 (+0.06%)
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 | 25.45 | 44.20 | -37.50 | 109.76 | -33.52 | 19.64 | -11.51 | 6.74 | -3.95 | 2.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 31.75 | 53.26 | -32.02 | 111.44 | -30.61 | 20.56 | -12.05 | 7.06 | -4.14 | 2.42 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 20.56 | -12.05 | 7.06 | -4.14 | 2.42 |
| 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 | 0 | 0 | -0 | 0 | -0 | 0 | -0 | 0 | -0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.39 | 8.08 | 4.52 | 11.07 | 7.13 | 0.64 | -0.37 | 0.22 | -0.13 | 0.07 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.12 | 5.01 | 0.19 | 4.43 | 7.57 | 0.02 | -0.01 | 0.01 | -0 | 0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.6 |
|---|---|
| Beta | 0.857 |
| Diluted Shares Outstanding | - |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.22% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.687 |
| Total Debt | 274.30 |
| Total Equity | - |
| Total Capital | 274.30 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| 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 | 25.45 | 44.20 | -37.50 | 109.76 | -33.52 | 19.64 | -11.51 | 6.74 | -3.95 | 2.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 31.75 | 53.26 | -32.02 | 111.44 | -30.61 | 20.56 | -12.05 | 7.06 | -4.14 | 2.42 |
| EBIT | - | - | - | - | - | 20.56 | -12.05 | 7.06 | -4.14 | 2.42 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 20.56 | -12.05 | 7.06 | -4.14 | 2.42 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -2.69 | 3.56 | -6.55 | 3.94 | 6.49 | 1.01 | -0.59 | 0.35 | -0.20 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.88 | -4.82 | 4.24 | 3.14 | -7.55 | -0.04 | 0.02 | -0.01 | 0.01 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 19.50 | -11.08 | 6.49 | -3.80 | 2.23 |
| WACC | ||||||||||
| PV UFCF | 19.27 | -10.81 | 6.26 | -3.62 | 2.10 | |||||
| SUM PV UFCF | 13.19 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.22 |
| Free cash flow (t + 1) | 2.27 |
| Terminal Value | -291.34 |
| Present Value of Terminal Value | -274.20 |
Intrinsic Value
| Enterprise Value | -261.01 |
|---|---|
| Net Debt | 274.04 |
| Equity Value | -535.05 |
| Shares Outstanding | - |
| Equity Value Per Share | -Infinity |