Discounted Cash Flow (DCF) Analysis Unlevered
RiverNorth/DoubleLine Strategic Opp... (OPP)
$9.44
+0.05 (+0.53%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 5.62 | 15.77 | -10.27 | -11.06 | -11.91 | -12.82 | -13.81 | -14.87 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 6.51 | 17.14 | -9.59 | -11.72 | -12.62 | -13.59 | -14.63 | -15.76 |
| EBITDA (%) | ||||||||
| EBIT | - | - | - | -11.72 | -12.62 | -13.59 | -14.63 | -15.76 |
| EBIT (%) | ||||||||
| Depreciation | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | - | 0.03 | 0.10 | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 1.18 | 1.60 | 1.62 | -0.57 | -0.61 | -0.66 | -0.71 | -0.76 |
| Account Receivables (%) | ||||||||
| Inventories | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||
| Accounts Payable | 2.13 | 1.14 | 0.15 | -1.61 | -1.73 | -1.87 | -2.01 | -2.16 |
| Accounts Payable (%) | ||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.44 |
|---|---|
| Beta | 0.107 |
| Diluted Shares Outstanding | 14.87 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 2.83% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.033 |
| Total Debt | 65.50 |
| Total Equity | 140.36 |
| Total Capital | 205.86 |
| Debt Weighting | 31.82 |
| Equity Weighting | 68.18 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 5.62 | 15.77 | -10.27 | -11.06 | -11.91 | -12.82 | -13.81 | -14.87 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.51 | 17.14 | -9.59 | -11.72 | -12.62 | -13.59 | -14.63 | -15.76 |
| EBIT | - | - | - | -11.72 | -12.62 | -13.59 | -14.63 | -15.76 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | -11.72 | -12.62 | -13.59 | -14.63 | -15.76 |
| Depreciation | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.41 | -0.02 | 2.19 | 0.04 | 0.05 | 0.05 | 0.05 |
| Inventories | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.98 | -1 | -1.76 | -0.12 | -0.13 | -0.14 | -0.15 |
| Capital Expenditure | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | -11.28 | -12.70 | -13.67 | -14.72 | -15.86 |
| WACC | ||||||||
| PV UFCF | -11.69 | -12.70 | -13.19 | -13.71 | -14.24 | |||
| SUM PV UFCF | -60.99 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.65 |
| Free cash flow (t + 1) | -16.17 |
| Terminal Value | -980.18 |
| Present Value of Terminal Value | -819.33 |
Intrinsic Value
| Enterprise Value | -880.33 |
|---|---|
| Net Debt | 65.40 |
| Equity Value | -945.73 |
| Shares Outstanding | 14.87 |
| Equity Value Per Share | -63.60 |