Discounted Cash Flow (DCF) Analysis Unlevered
Ivy Funds - Delaware Ivy High Incom... (IVH)
$11.18
-0.41 (-3.54%)
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 | 29.93 | 28.74 | -3.19 | 38.90 | -46.39 | 145.19 | -454.34 | 1,421.83 | -4,449.49 | 13,924.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 7.34 | -7.01 | -2.30 | 39.30 | -45.40 | 78.70 | -246.29 | 770.76 | -2,412.02 | 7,548.19 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 78.70 | -246.29 | 770.76 | -2,412.02 | 7,548.19 |
| 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 | 1.36 | 1.04 | 0.78 | 0.11 | 1.84 | -5.77 | 18.05 | -56.49 | 176.78 | -553.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.54 | 1.03 | 5.60 | 5.97 | 6.35 | -47.90 | 149.89 | -469.06 | 1,467.88 | -4,593.61 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 9.31 | 0.34 | 7.27 | 5.22 | 1.66 | -53.82 | 168.43 | -527.08 | 1,649.45 | -5,161.82 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 11.18 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 16.57 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.55% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.714 |
| Total Debt | 87 |
| Total Equity | 185.25 |
| Total Capital | 272.25 |
| Debt Weighting | 31.96 |
| Equity Weighting | 68.04 |
| 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 | 29.93 | 28.74 | -3.19 | 38.90 | -46.39 | 145.19 | -454.34 | 1,421.83 | -4,449.49 | 13,924.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 7.34 | -7.01 | -2.30 | 39.30 | -45.40 | 78.70 | -246.29 | 770.76 | -2,412.02 | 7,548.19 |
| EBIT | - | - | - | - | - | 78.70 | -246.29 | 770.76 | -2,412.02 | 7,548.19 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 78.70 | -246.29 | 770.76 | -2,412.02 | 7,548.19 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.51 | -4.57 | -0.37 | -0.37 | 54.24 | -197.78 | 618.95 | -1,936.94 | 6,061.50 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -8.97 | 6.93 | -2.05 | -3.56 | -55.48 | 222.25 | -695.51 | 2,176.53 | -6,811.27 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 77.47 | -221.83 | 694.20 | -2,172.43 | 6,798.42 |
| WACC | ||||||||||
| PV UFCF | 75.20 | -209.01 | 634.92 | -1,928.67 | 5,858.69 | |||||
| SUM PV UFCF | 4,431.11 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.02 |
| Free cash flow (t + 1) | 6,934.39 |
| Terminal Value | 679,842.03 |
| Present Value of Terminal Value | 585,868.68 |
Intrinsic Value
| Enterprise Value | 590,299.80 |
|---|---|
| Net Debt | 87 |
| Equity Value | 590,212.80 |
| Shares Outstanding | 16.57 |
| Equity Value Per Share | 35,619.36 |