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
Stock DCF: 320.41 | 20.26 | undervalue

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 57.20127.1349.77247.5239.1175.73146.64283.94549.791,064.55
Revenue (%)
EBITDA 83.11159.6063.74270.5779.79107.88208.89404.46783.151,516.41
EBITDA (%)
EBIT -----107.88208.89404.46783.151,516.41
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 13.3815.4139.1029.3323.5328.1854.57105.66204.59396.15
Total Cash (%)
Account Receivables 38.3918.3718.7833.91108.3162.09120.23232.79450.75872.79
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.953.882.707.6211.648.1015.6830.3558.77113.80
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 57.20127.1349.77247.5239.1175.73146.64283.94549.791,064.55
EBITDA 83.11159.6063.74270.5779.79107.88208.89404.46783.151,516.41
EBIT -----107.88208.89404.46783.151,516.41
Tax Rate 1.31%0.79%-4.73%1.16%11.07%1.92%1.92%1.92%1.92%1.92%
EBIAT -----105.81204.87396.68768.091,487.25
Depreciation ----------
Accounts Receivable -20.02-0.41-15.12-74.4146.22-58.14-112.57-217.96-422.03
Inventories ----------
Accounts Payable --3.06-1.194.924.02-3.547.5814.6828.4255.03
Capital Expenditure ----------
UFCF -----148.49154.31298.80578.551,120.24
WACC
PV UFCF 139.53136.26247.92451.08820.72
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