Discounted Cash Flow (DCF) Analysis Unlevered
Invesco High Income 2023 Target Ter... (IHIT)
$8.52
+0.06 (+0.71%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 14.16 | 20.71 | 24.47 | -20.56 | -12.36 | -7.43 | -4.47 | -2.69 | -1.62 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 16.14 | 23.44 | 26.96 | -19.46 | -13.35 | -8.03 | -4.83 | -2.90 | -1.75 |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | -13.35 | -8.03 | -4.83 | -2.90 | -1.75 |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | - | 0.56 | 0.58 | 0.12 | -0.18 | -0.11 | -0.07 | -0.04 | -0.02 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 1.52 | 1.66 | 2.78 | 1.43 | -0.72 | -0.43 | -0.26 | -0.16 | -0.09 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 0.12 | 0.11 | 0.09 | 0.10 | -0.04 | -0.02 | -0.01 | -0.01 | -0.01 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.52 |
|---|---|
| Beta | 0.233 |
| Diluted Shares Outstanding | 23.82 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.888 |
| Total Debt | - |
| Total Equity | 202.91 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 14.16 | 20.71 | 24.47 | -20.56 | -12.36 | -7.43 | -4.47 | -2.69 | -1.62 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 16.14 | 23.44 | 26.96 | -19.46 | -13.35 | -8.03 | -4.83 | -2.90 | -1.75 |
| EBIT | - | - | - | - | -13.35 | -8.03 | -4.83 | -2.90 | -1.75 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | -13.35 | -8.03 | -4.83 | -2.90 | -1.75 |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.13 | -1.13 | 1.35 | 2.15 | -0.29 | -0.17 | -0.10 | -0.06 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.01 | -0.03 | 0.02 | -0.14 | 0.02 | 0.01 | 0.01 | 0 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | -11.34 | -8.30 | -4.99 | -3 | -1.80 |
| WACC | |||||||||
| PV UFCF | -11.34 | - | - | - | - | ||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -1.84 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -0.12 |
| Equity Value | - |
| Shares Outstanding | 23.82 |
| Equity Value Per Share | - |