Discounted Cash Flow (DCF) Analysis Unlevered

Barings Participation Investors (MPV)

$11.77

+0.02 (+0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 2,679.80 | 11.77 | 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 19.964.6118.597.0426.4555.56116.71245.165151,081.82
Revenue (%)
EBITDA 19.754.2518.426.9626.2554.29114.04239.55503.201,057.04
EBITDA (%)
EBIT -----54.29114.04239.55503.201,057.04
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 5.7716.4413.1212.6411.6175.54158.69333.35700.241,470.95
Total Cash (%)
Account Receivables 1.291.181.081.121.966.8114.3130.0663.15132.66
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.853.812.893.583.0619.4340.8285.75180.12378.37
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.77
Beta 0.416
Diluted Shares Outstanding 10.54
Cost of Debt
Tax Rate 0.96
After-tax Cost of Debt 2.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.927
Total Debt 21
Total Equity 124.04
Total Capital 145.04
Debt Weighting 14.48
Equity Weighting 85.52
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 19.964.6118.597.0426.4555.56116.71245.165151,081.82
EBITDA 19.754.2518.426.9626.2554.29114.04239.55503.201,057.04
EBIT -----54.29114.04239.55503.201,057.04
Tax Rate 0.00%0.00%0.00%0.00%0.96%0.19%0.19%0.19%0.19%0.19%
EBIAT -----54.18113.82239.09502.231,055.01
Depreciation ----------
Accounts Receivable -0.110.11-0.04-0.84-4.85-7.50-15.75-33.09-69.51
Inventories ----------
Accounts Payable -0.96-0.920.69-0.5216.3721.3944.9394.38198.25
Capital Expenditure ----------
UFCF -----65.70127.70268.26563.521,183.75
WACC
PV UFCF 62.28114.76228.52455.05906.15
SUM PV UFCF 1,766.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.49
Free cash flow (t + 1) 1,207.42
Terminal Value 34,596.58
Present Value of Terminal Value 26,483.58

Intrinsic Value

Enterprise Value 28,250.34
Net Debt 9.39
Equity Value 28,240.96
Shares Outstanding 10.54
Equity Value Per Share 2,679.80