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
Stock DCF: 1,080.31 | 12.13 | undervalue

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 30.81-1.9517.9466.05-60.6898.49-159.85259.45-421.10683.46
Revenue (%)
EBITDA 28.77-3.4216.1864.56-57.99108.74-176.50286.47-464.95754.64
EBITDA (%)
EBIT -----108.74-176.50286.47-464.95754.64
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 0.9814.4522.2211.023.51-118.63192.54-312.50507.20-823.22
Total Cash (%)
Account Receivables 9.7311.267.5727.8512.89-94.99154.17-250.23406.14-659.18
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.8213.8113.3031.512.47-112.40182.44-296.11480.60-780.03
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 30.81-1.9517.9466.05-60.6898.49-159.85259.45-421.10683.46
EBITDA 28.77-3.4216.1864.56-57.99108.74-176.50286.47-464.95754.64
EBIT -----108.74-176.50286.47-464.95754.64
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----108.74-176.50286.47-464.95754.64
Depreciation ----------
Accounts Receivable --1.533.69-20.2814.95107.88-249.16404.40-656.371,065.31
Inventories ----------
Accounts Payable -7.98-0.5018.21-29.05-114.87294.84-478.54776.70-1,260.63
Capital Expenditure ----------
UFCF -----101.76-130.82212.32-344.61559.32
WACC
PV UFCF 97.71-120.62188-293456.64
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