Discounted Cash Flow (DCF) Analysis Unlevered

Oxford Lane Capital Corp. (OXLCO)

$21.65

+0.15 (+0.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 39,595.28 | 21.65 | 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 40.42-18.57-288.16293.35130.15471.181,705.856,175.8522,359.0480,948.59
Revenue (%)
EBITDA 51.41-5.93-275.65306.21147.96445.581,613.175,840.3121,144.2576,550.58
EBITDA (%)
EBIT -----445.581,613.175,840.3121,144.2576,550.58
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 20.3321.4711.6690.8734.67-11.07-40.08-145.10-525.32-1,901.87
Total Cash (%)
Account Receivables 5.338.6311.1517.2625.99-10.62-38.44-139.17-503.86-1,824.18
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.530.620.010.300.03-1.82-6.59-23.84-86.31-312.49
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.65
Beta 1.092
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 8.693
Total Debt 193.58
Total Equity 400.60
Total Capital 594.18
Debt Weighting 32.58
Equity Weighting 67.42
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 40.42-18.57-288.16293.35130.15471.181,705.856,175.8522,359.0480,948.59
EBITDA 51.41-5.93-275.65306.21147.96445.581,613.175,840.3121,144.2576,550.58
EBIT -----445.581,613.175,840.3121,144.2576,550.58
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----445.581,613.175,840.3121,144.2576,550.58
Depreciation ----------
Accounts Receivable --3.29-2.52-6.11-8.7336.6027.82100.73364.691,320.31
Inventories ----------
Accounts Payable -0.09-0.610.29-0.27-1.85-4.77-17.26-62.47-226.18
Capital Expenditure ----------
UFCF -----480.331,636.235,923.7921,446.4777,644.72
WACC
PV UFCF 438.381,362.894,503.2414,879.5349,164.73
SUM PV UFCF 70,348.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.57
Free cash flow (t + 1) 79,197.62
Terminal Value 1,046,203.65
Present Value of Terminal Value 662,457.35

Intrinsic Value

Enterprise Value 732,806.10
Net Debt 158.91
Equity Value 732,647.19
Shares Outstanding 18.50
Equity Value Per Share 39,595.28