Discounted Cash Flow (DCF) Analysis Unlevered
RiverNorth/DoubleLine Strategic Opp... (OPP)
$8.935
+0.02 (+0.17%)
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 | 5.62 | 15.77 | -10.27 | 37.41 | -32.15 | 18.88 | -11.09 | 6.51 | -3.83 | 2.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.51 | 17.14 | -9.59 | 36.83 | -33.19 | 19.62 | -11.52 | 6.77 | -3.98 | 2.34 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 19.62 | -11.52 | 6.77 | -3.98 | 2.34 |
| 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 | - | 0.03 | 0.10 | 2.01 | 0.01 | 0.22 | -0.13 | 0.07 | -0.04 | 0.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.18 | 1.60 | 1.62 | 3.66 | 2 | 0.71 | -0.42 | 0.25 | -0.14 | 0.08 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.13 | 1.14 | 0.15 | 11.85 | 0.68 | 2.77 | -1.62 | 0.95 | -0.56 | 0.33 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.935 |
|---|---|
| Beta | 0.107 |
| Diluted Shares Outstanding | 13.29 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1,116.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.144 |
| Total Debt | 0.01 |
| Total Equity | 118.74 |
| Total Capital | 118.75 |
| Debt Weighting | 0.01 |
| Equity Weighting | 99.99 |
| 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 | 5.62 | 15.77 | -10.27 | 37.41 | -32.15 | 18.88 | -11.09 | 6.51 | -3.83 | 2.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.51 | 17.14 | -9.59 | 36.83 | -33.19 | 19.62 | -11.52 | 6.77 | -3.98 | 2.34 |
| EBIT | - | - | - | - | - | 19.62 | -11.52 | 6.77 | -3.98 | 2.34 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 19.62 | -11.52 | 6.77 | -3.98 | 2.34 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.41 | -0.02 | -2.04 | 1.66 | 1.29 | 1.13 | -0.67 | 0.39 | -0.23 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.98 | -1 | 11.71 | -11.17 | 2.08 | -4.39 | 2.58 | -1.51 | 0.89 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 22.99 | -14.78 | 8.68 | -5.10 | 2.99 |
| WACC | ||||||||||
| PV UFCF | 22.06 | -13.60 | 7.66 | -4.32 | 2.43 | |||||
| SUM PV UFCF | 14.23 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.24 |
| Free cash flow (t + 1) | 3.05 |
| Terminal Value | 136.37 |
| Present Value of Terminal Value | 110.81 |
Intrinsic Value
| Enterprise Value | 125.04 |
|---|---|
| Net Debt | -0 |
| Equity Value | 125.04 |
| Shares Outstanding | 13.29 |
| Equity Value Per Share | 9.41 |