Discounted Cash Flow (DCF) Analysis Unlevered

John Hancock Premium Dividend Fund (PDT)

$15.58

+0.02 (+0.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 111,584.56 | 15.58 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 62.766.23128.38-80.68159.35721.503,266.8514,791.8266,975.20303,253.84
Revenue (%)
EBITDA 66.5713.84137.91-77.01160.34911.744,128.2218,691.9784,634.51383,212.57
EBITDA (%)
EBIT -----911.744,128.2218,691.9784,634.51383,212.57
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.900.140.1400.135.5124.95112.95511.422,315.64
Total Cash (%)
Account Receivables 4.155.054.346.318.10127.59577.712,615.7711,843.8153,627.05
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.620.9612.680.250.2337.71170.74773.083,500.4015,849.29
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.58
Beta 0.885
Diluted Shares Outstanding 48.50
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.055
Total Debt -
Total Equity 755.67
Total Capital 755.67
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 62.766.23128.38-80.68159.35721.503,266.8514,791.8266,975.20303,253.84
EBITDA 66.5713.84137.91-77.01160.34911.744,128.2218,691.9784,634.51383,212.57
EBIT -----911.744,128.2218,691.9784,634.51383,212.57
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----911.744,128.2218,691.9784,634.51383,212.57
Depreciation ----------
Accounts Receivable --0.900.72-1.97-1.79-119.49-450.12-2,038.06-9,228.05-41,783.23
Inventories ----------
Accounts Payable -0.3511.72-12.43-0.0237.48133.03602.342,727.3212,348.89
Capital Expenditure ----------
UFCF -----829.733,811.1317,256.2578,133.78353,778.23
WACC
PV UFCF 775.093,325.6814,066.5259,496.60251,650.47
SUM PV UFCF 329,314.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.05
Free cash flow (t + 1) 360,853.79
Terminal Value 7,145,619.67
Present Value of Terminal Value 5,082,841.17

Intrinsic Value

Enterprise Value 5,412,155.53
Net Debt -0.13
Equity Value 5,412,155.66
Shares Outstanding 48.50
Equity Value Per Share 111,584.56