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
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 | $ 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 | -288.16 | 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 | 438.38 | 1,362.89 | 4,503.24 | 14,879.53 | 49,164.73 | |||||
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 |