Discounted Cash Flow (DCF) Analysis Unlevered
Adams Natural Resources Fund, Inc. (PEO)
$22.243
-0.18 (-0.79%)
All numbers are in Millions, Currency in USD
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 | 18.56 | -121.09 | 70.93 | -136.60 | 157.92 | -402.37 | 1,025.23 | -2,612.28 | 6,656.06 | -16,959.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.70 | -126.04 | 65.66 | -142 | 154.35 | -380 | 968.23 | -2,467.04 | 6,285.98 | -16,016.59 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | -142 | 154.35 | -380 | 968.23 | -2,467.04 | 6,285.98 | -16,016.59 |
| 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 | 0.13 | 0.93 | 0.54 | 0.34 | 0.15 | -0.45 | 1.14 | -2.91 | 7.41 | -18.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.67 | 9.13 | 12.93 | 3.39 | 0.34 | -9.67 | 24.64 | -62.79 | 159.99 | -407.65 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | 9.40 | 11.16 | 4.02 | 2.83 | -6.86 | 17.49 | -44.55 | 113.52 | -289.26 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 22.243 |
|---|---|
| Beta | 1.294 |
| Diluted Shares Outstanding | 29.71 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.609 |
| Total Debt | - |
| Total Equity | 660.86 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 18.56 | -121.09 | 70.93 | -136.60 | 157.92 | -402.37 | 1,025.23 | -2,612.28 | 6,656.06 | -16,959.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.70 | -126.04 | 65.66 | -142 | 154.35 | -380 | 968.23 | -2,467.04 | 6,285.98 | -16,016.59 |
| EBIT | - | - | - | -142 | 154.35 | -380 | 968.23 | -2,467.04 | 6,285.98 | -16,016.59 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | -142 | 154.35 | -380 | 968.23 | -2,467.04 | 6,285.98 | -16,016.59 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -8.46 | -3.80 | 9.54 | 3.05 | 10.01 | -34.31 | 87.43 | -222.78 | 567.64 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | 1.76 | -7.15 | -1.19 | -9.69 | 24.35 | -62.04 | 158.08 | -402.78 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | -139.61 | 156.21 | -379.68 | 958.26 | -2,441.64 | 6,221.28 | -15,851.73 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -16,168.76 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -0.15 |
| Equity Value | - |
| Shares Outstanding | 29.71 |
| Equity Value Per Share | - |