Discounted Cash Flow (DCF) Analysis Unlevered
Adams Natural Resources Fund, Inc. (PEO)
$20.17
+0.42 (+2.13%)
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 | -121.09 | 70.93 | -136.60 | 157.92 | 208.61 | -122.38 | 71.80 | -42.12 | 24.71 | -14.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -126.04 | 65.66 | -142 | 154.35 | 205.49 | -121.61 | 71.34 | -41.85 | 24.55 | -14.40 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | -142 | 154.35 | 205.49 | -121.61 | 71.34 | -41.85 | 24.55 | -14.40 |
| 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 | 0.93 | 0.54 | 0.34 | 0.15 | 0.15 | 0.02 | -0.01 | 0.01 | -0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 9.13 | 12.93 | 3.39 | 0.34 | 5.08 | -2.66 | 1.56 | -0.91 | 0.54 | -0.31 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 9.40 | 11.16 | 4.02 | 2.83 | 4.86 | -2.24 | 1.31 | -0.77 | 0.45 | -0.27 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.17 |
|---|---|
| Beta | 1.270 |
| 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 | 9.685 |
| Total Debt | - |
| Total Equity | 599.27 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | -121.09 | 70.93 | -136.60 | 157.92 | 208.61 | -122.38 | 71.80 | -42.12 | 24.71 | -14.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -126.04 | 65.66 | -142 | 154.35 | 205.49 | -121.61 | 71.34 | -41.85 | 24.55 | -14.40 |
| EBIT | - | - | -142 | 154.35 | 205.49 | -121.61 | 71.34 | -41.85 | 24.55 | -14.40 |
| 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 | 205.49 | -121.61 | 71.34 | -41.85 | 24.55 | -14.40 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -3.80 | 9.54 | 3.05 | -4.74 | 7.73 | -4.21 | 2.47 | -1.45 | 0.85 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.76 | -7.15 | -1.19 | 2.03 | -7.10 | 3.55 | -2.08 | 1.22 | -0.72 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | -139.61 | 156.21 | 202.78 | -120.98 | 70.68 | -41.47 | 24.33 | -14.27 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -14.56 |
| 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 | - |