Discounted Cash Flow (DCF) Analysis Unlevered

John Hancock Preferred Income Fund ... (HPS)

$14.67

-0.53 (-3.49%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.20 | 14.67 | overvalue

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 30.7725.4544.20-37.50109.76-33.2410.06-3.050.92-0.28
Revenue (%)
EBITDA 34.2131.7553.26-32.02111.44-36.1210.94-3.311-0.30
EBITDA (%)
EBIT ------36.1210.94-3.311-0.30
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 000-00-00-00-0
Total Cash (%)
Account Receivables 8.065.398.084.5211.07-4.231.28-0.390.12-0.04
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.432.125.010.194.43-2.070.63-0.190.06-0.02
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.67
Beta 0.825
Diluted Shares Outstanding 31.76
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.495
Total Debt 266
Total Equity 465.93
Total Capital 731.93
Debt Weighting 36.34
Equity Weighting 63.66
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 30.7725.4544.20-37.50109.76-33.2410.06-3.050.92-0.28
EBITDA 34.2131.7553.26-32.02111.44-36.1210.94-3.311-0.30
EBIT ------36.1210.94-3.311-0.30
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------36.1210.94-3.311-0.30
Depreciation ----------
Accounts Receivable -2.67-2.693.56-6.5515.30-5.511.67-0.510.15
Inventories ----------
Accounts Payable --0.312.88-4.824.24-6.502.69-0.820.25-0.07
Capital Expenditure ----------
UFCF ------27.328.12-2.460.74-0.23
WACC
PV UFCF -267.35-2.120.61-0.18
SUM PV UFCF -20.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.07
Free cash flow (t + 1) -0.23
Terminal Value -7.49
Present Value of Terminal Value -5.85

Intrinsic Value

Enterprise Value -26.18
Net Debt 265.90
Equity Value -292.08
Shares Outstanding 31.76
Equity Value Per Share -9.20