Discounted Cash Flow (DCF) Analysis Unlevered
PGIM High Yield Bond Fund, Inc. (ISD)
$12.98
+0.04 (+0.31%)
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 | 18.21 | 33.08 | 3.59 | 111.94 | 1,236.22 | 13,651.80 | 150,759.41 | 1,664,864.69 | 18,385,416.13 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 21.67 | 38.32 | 7.53 | 113.15 | 1,686.62 | 18,625.70 | 205,687.11 | 2,271,441.68 | 25,083,960.85 |
| EBITDA (%) | |||||||||
| EBIT | 21.67 | 38.32 | 7.53 | 113.15 | 1,686.65 | 18,625.96 | 205,690 | 2,271,473.63 | 25,084,313.66 |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | -0 | -0.02 | -0.26 | -2.89 | -31.95 | -352.82 |
| 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 | 0.02 | 0.07 | 1.37 | 0.01 | 119.07 | 1,314.89 | 14,520.56 | 160,353.24 | 1,770,811.21 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 14.37 | 18.94 | 13.32 | 15.58 | 1,611.58 | 17,796.96 | 196,535.25 | 2,170,375.96 | 23,967,872.87 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 8.62 | 8.75 | 8.77 | 7.37 | 1,003.66 | 11,083.59 | 122,398.19 | 1,351,666.43 | 14,926,708.44 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.98 |
|---|---|
| Beta | 0.407 |
| Diluted Shares Outstanding | 31.93 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.440 |
| Total Debt | 190 |
| Total Equity | 414.44 |
| Total Capital | 604.44 |
| Debt Weighting | 31.43 |
| Equity Weighting | 68.57 |
| 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 | 18.21 | 33.08 | 3.59 | 111.94 | 1,236.22 | 13,651.80 | 150,759.41 | 1,664,864.69 | 18,385,416.13 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 21.67 | 38.32 | 7.53 | 113.15 | 1,686.62 | 18,625.70 | 205,687.11 | 2,271,441.68 | 25,083,960.85 |
| EBIT | 21.67 | 38.32 | 7.53 | 113.15 | 1,686.65 | 18,625.96 | 205,690 | 2,271,473.63 | 25,084,313.66 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 21.67 | 38.32 | 7.53 | 113.15 | 1,686.65 | 18,625.96 | 205,690 | 2,271,473.63 | 25,084,313.66 |
| Depreciation | - | - | - | -0 | -0.02 | -0.26 | -2.89 | -31.95 | -352.82 |
| Accounts Receivable | - | -4.57 | 5.62 | -2.26 | -1,595.99 | -16,185.39 | -178,738.28 | -1,973,840.71 | -21,797,496.92 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.13 | 0.02 | -1.40 | 996.29 | 10,079.93 | 111,314.60 | 1,229,268.24 | 13,575,042.01 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | 1,086.92 | 12,520.24 | 138,263.43 | 1,526,869.21 | 16,861,505.94 |
| WACC | |||||||||
| PV UFCF | 1,086.92 | 12,038.70 | 127,832.31 | 1,357,381.17 | 14,413,285.95 | ||||
| SUM PV UFCF | 15,299,639.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.00 |
| Free cash flow (t + 1) | 17,198,736.06 |
| Terminal Value | 859,936,803.04 |
| Present Value of Terminal Value | 706,805,368.52 |
Intrinsic Value
| Enterprise Value | 722,105,007.98 |
|---|---|
| Net Debt | 189.99 |
| Equity Value | 722,104,817.99 |
| Shares Outstanding | 31.93 |
| Equity Value Per Share | 22,615,933.46 |