Discounted Cash Flow (DCF) Analysis Unlevered
KKR Income Opportunities Fund (KIO)
$12.13
-0.01 (-0.08%)
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 | 30.81 | -1.95 | 17.94 | 66.05 | -60.68 | 98.49 | -159.85 | 259.45 | -421.10 | 683.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 28.77 | -3.42 | 16.18 | 64.56 | -57.99 | 108.74 | -176.50 | 286.47 | -464.95 | 754.64 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 108.74 | -176.50 | 286.47 | -464.95 | 754.64 |
| 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 | 0.98 | 14.45 | 22.22 | 11.02 | 3.51 | -118.63 | 192.54 | -312.50 | 507.20 | -823.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 9.73 | 11.26 | 7.57 | 27.85 | 12.89 | -94.99 | 154.17 | -250.23 | 406.14 | -659.18 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.82 | 13.81 | 13.30 | 31.51 | 2.47 | -112.40 | 182.44 | -296.11 | 480.60 | -780.03 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.13 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 20.34 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 4.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.137 |
| Total Debt | 122.40 |
| Total Equity | 246.74 |
| Total Capital | 369.14 |
| Debt Weighting | 33.16 |
| Equity Weighting | 66.84 |
| 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 | 30.81 | -1.95 | 17.94 | 66.05 | -60.68 | 98.49 | -159.85 | 259.45 | -421.10 | 683.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 28.77 | -3.42 | 16.18 | 64.56 | -57.99 | 108.74 | -176.50 | 286.47 | -464.95 | 754.64 |
| EBIT | - | - | - | - | - | 108.74 | -176.50 | 286.47 | -464.95 | 754.64 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 108.74 | -176.50 | 286.47 | -464.95 | 754.64 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -1.53 | 3.69 | -20.28 | 14.95 | 107.88 | -249.16 | 404.40 | -656.37 | 1,065.31 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 7.98 | -0.50 | 18.21 | -29.05 | -114.87 | 294.84 | -478.54 | 776.70 | -1,260.63 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 101.76 | -130.82 | 212.32 | -344.61 | 559.32 |
| WACC | ||||||||||
| PV UFCF | 97.71 | -120.62 | 188 | -293 | 456.64 | |||||
| SUM PV UFCF | 328.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.14 |
| Free cash flow (t + 1) | 570.51 |
| Terminal Value | 26,659.40 |
| Present Value of Terminal Value | 21,765.19 |
Intrinsic Value
| Enterprise Value | 22,093.92 |
|---|---|
| Net Debt | 118.89 |
| Equity Value | 21,975.03 |
| Shares Outstanding | 20.34 |
| Equity Value Per Share | 1,080.31 |