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
Stock DCF: 22,615,933.46 | 12.98 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 18.2133.083.59111.941,236.2213,651.80150,759.411,664,864.6918,385,416.13
Revenue (%)
EBITDA 21.6738.327.53113.151,686.6218,625.70205,687.112,271,441.6825,083,960.85
EBITDA (%)
EBIT 21.6738.327.53113.151,686.6518,625.96205,6902,271,473.6325,084,313.66
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 0.020.071.370.01119.071,314.8914,520.56160,353.241,770,811.21
Total Cash (%)
Account Receivables 14.3718.9413.3215.581,611.5817,796.96196,535.252,170,375.9623,967,872.87
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 8.628.758.777.371,003.6611,083.59122,398.191,351,666.4314,926,708.44
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 18.2133.083.59111.941,236.2213,651.80150,759.411,664,864.6918,385,416.13
EBITDA 21.6738.327.53113.151,686.6218,625.70205,687.112,271,441.6825,083,960.85
EBIT 21.6738.327.53113.151,686.6518,625.96205,6902,271,473.6325,084,313.66
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT 21.6738.327.53113.151,686.6518,625.96205,6902,271,473.6325,084,313.66
Depreciation ----0-0.02-0.26-2.89-31.95-352.82
Accounts Receivable --4.575.62-2.26-1,595.99-16,185.39-178,738.28-1,973,840.71-21,797,496.92
Inventories ---------
Accounts Payable -0.130.02-1.40996.2910,079.93111,314.601,229,268.2413,575,042.01
Capital Expenditure ---------
UFCF ----1,086.9212,520.24138,263.431,526,869.2116,861,505.94
WACC
PV UFCF 1,086.9212,038.70127,832.311,357,381.1714,413,285.95
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