Discounted Cash Flow (DCF) Analysis Unlevered
Oxford Lane Capital Corp. (OXLCO)
$20.95
-0.30 (-1.41%)
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 | 40.42 | -18.57 | -288.16 | 293.35 | 130.15 | 471.18 | 1,705.85 | 6,175.85 | 22,359.04 | 80,948.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 51.41 | -5.93 | -275.65 | 306.21 | 147.96 | 445.58 | 1,613.17 | 5,840.31 | 21,144.25 | 76,550.58 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 445.58 | 1,613.17 | 5,840.31 | 21,144.25 | 76,550.58 |
| 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 | 20.33 | 21.47 | 11.66 | 90.87 | 34.67 | -11.07 | -40.08 | -145.10 | -525.32 | -1,901.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.33 | 8.63 | 11.15 | 17.26 | 25.99 | -10.62 | -38.44 | -139.17 | -503.86 | -1,824.18 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.53 | 0.62 | 0.01 | 0.30 | 0.03 | -1.82 | -6.59 | -23.84 | -86.31 | -312.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.95 |
|---|---|
| Beta | 1.107 |
| Diluted Shares Outstanding | 18.50 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 11.40% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.826 |
| Total Debt | 193.58 |
| Total Equity | 387.65 |
| Total Capital | 581.23 |
| Debt Weighting | 33.31 |
| Equity Weighting | 66.69 |
| 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 | 40.42 | -18.57 | -288.16 | 293.35 | 130.15 | 471.18 | 1,705.85 | 6,175.85 | 22,359.04 | 80,948.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 51.41 | -5.93 | -275.65 | 306.21 | 147.96 | 445.58 | 1,613.17 | 5,840.31 | 21,144.25 | 76,550.58 |
| EBIT | - | - | - | - | - | 445.58 | 1,613.17 | 5,840.31 | 21,144.25 | 76,550.58 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 445.58 | 1,613.17 | 5,840.31 | 21,144.25 | 76,550.58 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -3.29 | -2.52 | -6.11 | -8.73 | 36.60 | 27.82 | 100.73 | 364.69 | 1,320.31 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.09 | -0.61 | 0.29 | -0.27 | -1.85 | -4.77 | -17.26 | -62.47 | -226.18 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 480.33 | 1,636.23 | 5,923.79 | 21,446.47 | 77,644.72 |
| WACC | ||||||||||
| PV UFCF | 437.94 | 1,360.16 | 4,489.70 | 14,819.93 | 48,918.68 | |||||
| SUM PV UFCF | 70,026.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.68 |
| Free cash flow (t + 1) | 79,197.62 |
| Terminal Value | 1,031,218.96 |
| Present Value of Terminal Value | 649,701.22 |
Intrinsic Value
| Enterprise Value | 719,727.62 |
|---|---|
| Net Debt | 158.91 |
| Equity Value | 719,568.71 |
| Shares Outstanding | 18.50 |
| Equity Value Per Share | 38,888.46 |