Discounted Cash Flow (DCF) Analysis Unlevered

Monroe Capital Corporation (MRCC)

$7.45

+0.21 (+2.90%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,176.79 | 7.45 | 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 16.6010.8423.586.5140.1693.08215.73500.011,158.892,686.03
Revenue (%)
EBITDA 19.3916.7137.6317.8245.51152.18352.71817.501,894.764,391.59
EBITDA (%)
EBIT 19.3916.7137.6317.8246.61154.73358.63831.221,926.564,465.30
EBIT (%)
Depreciation -----1.10-2.55-5.92-13.72-31.80-73.71
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 4.333.742.236.77191.73121.28281.09651.491,5103,499.81
Total Cash (%)
Account Receivables 5.347.778.694.619.4843.75101.39235.01544.691,262.47
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.574.985.285.095.9534.0378.87182.80423.68981.98
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.45
Beta 1.207
Diluted Shares Outstanding 20.92
Cost of Debt
Tax Rate 0.86
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.340
Total Debt 332.15
Total Equity 155.88
Total Capital 488.03
Debt Weighting 68.06
Equity Weighting 31.94
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 16.6010.8423.586.5140.1693.08215.73500.011,158.892,686.03
EBITDA 19.3916.7137.6317.8245.51152.18352.71817.501,894.764,391.59
EBIT 19.3916.7137.6317.8246.61154.73358.63831.221,926.564,465.30
Tax Rate 0.00%0.00%0.09%18.35%0.86%3.86%3.86%3.86%3.86%3.86%
EBIAT 19.3916.7137.6014.5546.21148.76344.79799.131,852.184,292.91
Depreciation -----1.10-2.55-5.92-13.72-31.80-73.71
Accounts Receivable --2.44-0.924.08-4.87-34.27-57.65-133.61-309.68-717.77
Inventories ----------
Accounts Payable -1.410.30-0.190.8628.0844.84103.93240.88558.30
Capital Expenditure ----------
UFCF -----140.01326.06755.721,751.584,059.73
WACC
PV UFCF 132.34291.29638.121,397.933,062.45
SUM PV UFCF 5,522.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.80
Free cash flow (t + 1) 4,140.93
Terminal Value 108,971.77
Present Value of Terminal Value 82,202.62

Intrinsic Value

Enterprise Value 87,724.76
Net Debt 329.53
Equity Value 87,395.23
Shares Outstanding 20.92
Equity Value Per Share 4,176.79