Discounted Cash Flow (DCF) Analysis Unlevered
PIMCO Income Strategy Fund (PFL)
$8.14
+0.03 (+0.39%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | -15.41 | 73.27 | -48.23 | 15.42 | -29.47 | 56.32 | -107.62 | 205.67 | -393.05 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -15.59 | 73.11 | -47.54 | 15.28 | -29.37 | 56.13 | -107.26 | 204.97 | -391.71 |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | -29.37 | 56.13 | -107.26 | 204.97 | -391.71 |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 10.03 | 36.50 | 15.86 | 10.02 | -1.24 | 2.37 | -4.52 | 8.65 | -16.52 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 22.61 | 32.32 | 17.63 | 4.89 | 7.92 | -15.13 | 28.91 | -55.25 | 105.58 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.14 |
|---|---|
| Beta | 0.765 |
| Diluted Shares Outstanding | 38.17 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 8.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.866 |
| Total Debt | 57.52 |
| Total Equity | 310.70 |
| Total Capital | 368.21 |
| Debt Weighting | 15.62 |
| Equity Weighting | 84.38 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | -15.41 | 73.27 | -48.23 | 15.42 | -29.47 | 56.32 | -107.62 | 205.67 | -393.05 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -15.59 | 73.11 | -47.54 | 15.28 | -29.37 | 56.13 | -107.26 | 204.97 | -391.71 |
| EBIT | - | - | - | - | -29.37 | 56.13 | -107.26 | 204.97 | -391.71 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | -29.37 | 56.13 | -107.26 | 204.97 | -391.71 |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -26.46 | 20.64 | 5.83 | 11.26 | -3.61 | 6.89 | -13.17 | 25.17 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 9.71 | -14.69 | -12.74 | 3.02 | -23.04 | 44.04 | -84.15 | 160.82 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | -15.09 | 29.48 | -56.33 | 107.65 | -205.71 |
| WACC | |||||||||
| PV UFCF | -15.09 | 27.32 | -48.37 | 85.67 | -151.71 | ||||
| SUM PV UFCF | -94.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.91 |
| Free cash flow (t + 1) | -209.83 |
| Terminal Value | -3,550.40 |
| Present Value of Terminal Value | -2,426.44 |
Intrinsic Value
| Enterprise Value | -2,521.13 |
|---|---|
| Net Debt | 56.80 |
| Equity Value | -2,577.94 |
| Shares Outstanding | 38.17 |
| Equity Value Per Share | -67.54 |