Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Preferred Securities Income ... (JPS)
$7.62
-0.05 (-0.65%)
All numbers are in Millions, Currency in USD
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 | 300.76 | 14.69 | 159.74 | -23.68 | 296.52 | -129.41 | 56.48 | -24.65 | 10.76 | -4.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 314.73 | 38.55 | 192.19 | -2.88 | 305.23 | -155.94 | 68.06 | -29.70 | 12.96 | -5.66 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -155.94 | 68.06 | -29.70 | 12.96 | -5.66 |
| 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 | - | 0.40 | 4.37 | -0.65 | 8.12 | -3.54 | 1.55 | -0.67 | 0.29 | -0.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 39.24 | 41.01 | 42.19 | 39.44 | 41.19 | -42.96 | 18.75 | -8.18 | 3.57 | -1.56 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 12.74 | 21.72 | 14.18 | 17.73 | 35.53 | -25.39 | 11.08 | -4.84 | 2.11 | -0.92 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.62 |
|---|---|
| Beta | 0.822 |
| Diluted Shares Outstanding | 202.47 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.84% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.412 |
| Total Debt | 1,148.49 |
| Total Equity | 1,542.84 |
| Total Capital | 2,691.32 |
| Debt Weighting | 42.67 |
| Equity Weighting | 57.33 |
| 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 | 300.76 | 14.69 | 159.74 | -23.68 | 296.52 | -129.41 | 56.48 | -24.65 | 10.76 | -4.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 314.73 | 38.55 | 192.19 | -2.88 | 305.23 | -155.94 | 68.06 | -29.70 | 12.96 | -5.66 |
| EBIT | - | - | - | - | - | -155.94 | 68.06 | -29.70 | 12.96 | -5.66 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -155.94 | 68.06 | -29.70 | 12.96 | -5.66 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -1.77 | -1.19 | 2.76 | -1.75 | 84.15 | -61.71 | 26.93 | -11.75 | 5.13 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 8.99 | -7.55 | 3.56 | 17.79 | -60.92 | 36.47 | -15.92 | 6.95 | -3.03 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -132.72 | 42.82 | -18.69 | 8.16 | -3.56 |
| WACC | ||||||||||
| PV UFCF | -126.87 | 39.13 | -16.33 | 6.81 | -2.84 | |||||
| SUM PV UFCF | -100.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.61 |
| Free cash flow (t + 1) | -3.63 |
| Terminal Value | -139.11 |
| Present Value of Terminal Value | -111.04 |
Intrinsic Value
| Enterprise Value | -211.13 |
|---|---|
| Net Debt | 1,138.36 |
| Equity Value | -1,349.49 |
| Shares Outstanding | 202.47 |
| Equity Value Per Share | -6.67 |