Discounted Cash Flow (DCF) Analysis Unlevered
PIMCO Energy and Tactical Credit Op... (NRGX)
$14.44
+0.30 (+2.12%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 22.27 | -424.48 | 282.17 | 78.20 | -506.88 | 3,285.55 | -21,296.65 | 138,043.11 | -894,783.82 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 25.27 | -419.31 | 282.46 | 78.85 | -523.57 | 3,393.76 | -21,998.09 | 142,589.80 | -924,255.05 |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | -523.57 | 3,393.76 | -21,998.09 | 142,589.80 | -924,255.05 |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 0 | 2.87 | 1.56 | 0 | 0.15 | -0.96 | 6.21 | -40.27 | 261.03 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 8.06 | 16.18 | 2.45 | 2.92 | -46.88 | 303.85 | -1,969.53 | 12,766.36 | -82,750.46 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 56.38 | 27.01 | 7.70 | 10.13 | -332.56 | 2,155.61 | -13,972.47 | 90,568.37 | -587,056.55 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.44 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 44.69 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.608 |
| Total Debt | 240.77 |
| Total Equity | 645.27 |
| Total Capital | 886.04 |
| Debt Weighting | 27.17 |
| Equity Weighting | 72.83 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 22.27 | -424.48 | 282.17 | 78.20 | -506.88 | 3,285.55 | -21,296.65 | 138,043.11 | -894,783.82 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 25.27 | -419.31 | 282.46 | 78.85 | -523.57 | 3,393.76 | -21,998.09 | 142,589.80 | -924,255.05 |
| EBIT | - | - | - | - | -523.57 | 3,393.76 | -21,998.09 | 142,589.80 | -924,255.05 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | -523.57 | 3,393.76 | -21,998.09 | 142,589.80 | -924,255.05 |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -8.12 | 13.74 | -0.47 | 49.80 | -350.73 | 2,273.39 | -14,735.89 | 95,516.82 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -29.36 | -19.31 | 2.43 | -342.69 | 2,488.17 | -16,128.08 | 104,540.84 | -677,624.92 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | -816.46 | 5,531.20 | -35,852.79 | 232,394.74 | -1,506,363.16 |
| WACC | |||||||||
| PV UFCF | -816.46 | 5,386.31 | -33,999.04 | 214,605.99 | -1,354,618.71 | ||||
| SUM PV UFCF | -1,138,807.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.69 |
| Free cash flow (t + 1) | -1,536,490.42 |
| Terminal Value | -222,679,771.38 |
| Present Value of Terminal Value | -195,002,418.40 |
Intrinsic Value
| Enterprise Value | -196,141,226.38 |
|---|---|
| Net Debt | 240.76 |
| Equity Value | -196,141,467.14 |
| Shares Outstanding | 44.69 |
| Equity Value Per Share | -4,389,272.90 |