Discounted Cash Flow (DCF) Analysis Unlevered
Oaktree Specialty Lending Corporati... (OCSL)
$20.26
-0.08 (-0.39%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 57.20 | 127.13 | 49.77 | 247.52 | 39.11 | 75.73 | 146.64 | 283.94 | 549.79 | 1,064.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 83.11 | 159.60 | 63.74 | 270.57 | 79.79 | 107.88 | 208.89 | 404.46 | 783.15 | 1,516.41 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 107.88 | 208.89 | 404.46 | 783.15 | 1,516.41 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 13.38 | 15.41 | 39.10 | 29.33 | 23.53 | 28.18 | 54.57 | 105.66 | 204.59 | 396.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 38.39 | 18.37 | 18.78 | 33.91 | 108.31 | 62.09 | 120.23 | 232.79 | 450.75 | 872.79 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.95 | 3.88 | 2.70 | 7.62 | 11.64 | 8.10 | 15.68 | 30.35 | 58.77 | 113.80 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.26 |
|---|---|
| Beta | 1.310 |
| Diluted Shares Outstanding | 60.73 |
| Cost of Debt | |
| Tax Rate | 11.07 |
| After-tax Cost of Debt | 3.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.818 |
| Total Debt | 1,301.04 |
| Total Equity | 1,230.33 |
| Total Capital | 2,531.37 |
| Debt Weighting | 51.40 |
| Equity Weighting | 48.60 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 57.20 | 127.13 | 49.77 | 247.52 | 39.11 | 75.73 | 146.64 | 283.94 | 549.79 | 1,064.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 83.11 | 159.60 | 63.74 | 270.57 | 79.79 | 107.88 | 208.89 | 404.46 | 783.15 | 1,516.41 |
| EBIT | - | - | - | - | - | 107.88 | 208.89 | 404.46 | 783.15 | 1,516.41 |
| Tax Rate | 1.31% | 0.79% | -4.73% | 1.16% | 11.07% | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% |
| EBIAT | - | - | - | - | - | 105.81 | 204.87 | 396.68 | 768.09 | 1,487.25 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 20.02 | -0.41 | -15.12 | -74.41 | 46.22 | -58.14 | -112.57 | -217.96 | -422.03 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.06 | -1.19 | 4.92 | 4.02 | -3.54 | 7.58 | 14.68 | 28.42 | 55.03 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 148.49 | 154.31 | 298.80 | 578.55 | 1,120.24 |
| WACC | ||||||||||
| PV UFCF | 139.53 | 136.26 | 247.92 | 451.08 | 820.72 | |||||
| SUM PV UFCF | 1,795.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.42 |
| Free cash flow (t + 1) | 1,142.65 |
| Terminal Value | 25,851.80 |
| Present Value of Terminal Value | 18,939.76 |
Intrinsic Value
| Enterprise Value | 20,735.27 |
|---|---|
| Net Debt | 1,277.52 |
| Equity Value | 19,457.75 |
| Shares Outstanding | 60.73 |
| Equity Value Per Share | 320.41 |