Discounted Cash Flow (DCF) Analysis Unlevered

Monroe Capital Corporation (MRCC)

$8.75

+0.07 (+0.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,242.12 | 8.75 | 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 16.909.8023.586.5140.1694.66223.13525.961,239.782,922.37
Revenue (%)
EBITDA 19.3916.7137.6317.8246.61157.99372.42877.862,069.264,877.63
EBITDA (%)
EBIT -----157.99372.42877.862,069.264,877.63
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 4.333.742.236.772.6234.7982.01193.32455.691,074.13
Total Cash (%)
Account Receivables 5.347.778.694.619.4845.82108.02254.61600.171,414.70
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.574.985.285.095.9535.4683.58197.01464.391,094.65
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.75
Beta 1.216
Diluted Shares Outstanding 21.45
Cost of Debt
Tax Rate 0.86
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.339
Total Debt 332.15
Total Equity 187.71
Total Capital 519.86
Debt Weighting 63.89
Equity Weighting 36.11
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 16.909.8023.586.5140.1694.66223.13525.961,239.782,922.37
EBITDA 19.3916.7137.6317.8246.61157.99372.42877.862,069.264,877.63
EBIT -----157.99372.42877.862,069.264,877.63
Tax Rate 0.00%0.00%0.09%18.35%0.86%3.86%3.86%3.86%3.86%3.86%
EBIAT -----151.89358.04843.971,989.384,689.32
Depreciation ----------
Accounts Receivable --2.44-0.924.08-4.87-36.35-62.19-146.60-345.55-814.53
Inventories ----------
Accounts Payable -1.410.30-0.180.8629.5148.12113.43267.38630.26
Capital Expenditure ----------
UFCF -----145.06343.97810.801,911.204,505.05
WACC
PV UFCF 136.82306.02680.381,512.713,363.26
SUM PV UFCF 5,999.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.02
Free cash flow (t + 1) 4,595.15
Terminal Value 114,307.20
Present Value of Terminal Value 85,336.45

Intrinsic Value

Enterprise Value 91,335.64
Net Debt 329.53
Equity Value 91,006.11
Shares Outstanding 21.45
Equity Value Per Share 4,242.12