Discounted Cash Flow (DCF) Analysis Unlevered

Barings Corporate Investors (MCI)

$13.3

+0.08 (+0.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,303.88 | 13.3 | undervalue

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 44.5410.9939.9516.2254.45104.05198.86380.06726.361,388.18
Revenue (%)
EBITDA 45.1010.6540.0716.3954.47103.95198.67379.69725.641,386.81
EBITDA (%)
EBIT -----103.95198.67379.69725.641,386.81
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 7.2327.1424.1329.8521.14113.73217.35415.40793.891,517.24
Total Cash (%)
Account Receivables 2.942.442.062.483.9211.7322.4242.8481.88156.48
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.126.166.397.906.8230.5958.47111.75213.57408.16
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.3
Beta 0.737
Diluted Shares Outstanding 20.21
Cost of Debt
Tax Rate 1.10
After-tax Cost of Debt 2.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.174
Total Debt 38
Total Equity 268.85
Total Capital 306.85
Debt Weighting 12.38
Equity Weighting 87.62
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 44.5410.9939.9516.2254.45104.05198.86380.06726.361,388.18
EBITDA 45.1010.6540.0716.3954.47103.95198.67379.69725.641,386.81
EBIT -----103.95198.67379.69725.641,386.81
Tax Rate 0.00%0.00%0.00%0.00%1.10%0.22%0.22%0.22%0.22%0.22%
EBIAT -----103.72198.23378.86724.051,383.77
Depreciation ----------
Accounts Receivable -0.500.38-0.42-1.44-7.81-10.69-20.42-39.03-74.60
Inventories ----------
Accounts Payable -0.040.231.51-1.0823.7727.8853.28101.82194.59
Capital Expenditure ----------
UFCF -----119.69215.42411.71786.841,503.76
WACC
PV UFCF 112.25189.47339.59608.651,090.89
SUM PV UFCF 2,340.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.63
Free cash flow (t + 1) 1,533.84
Terminal Value 33,128.28
Present Value of Terminal Value 24,032.66

Intrinsic Value

Enterprise Value 26,373.50
Net Debt 16.86
Equity Value 26,356.64
Shares Outstanding 20.21
Equity Value Per Share 1,303.88