Discounted Cash Flow (DCF) Analysis Unlevered
PIMCO Income Strategy Fund II (PFN)
$8.34
+0.12 (+1.46%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | -32.24 | 134.52 | -561.28 | 2,341.87 | -9,771.20 | 40,769.23 | -170,105.11 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | -29.64 | 135.93 | -541.54 | 2,259.50 | -9,427.51 | 39,335.26 | -164,122.01 |
| EBITDA (%) | |||||||
| EBIT | - | - | -541.54 | 2,259.50 | -9,427.51 | 39,335.26 | -164,122.01 |
| EBIT (%) | |||||||
| Depreciation | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 37.41 | 28.99 | 265.15 | -1,106.32 | 4,616 | -19,259.77 | 80,359.25 |
| Account Receivables (%) | |||||||
| Inventories | - | - | - | - | - | - | - |
| Inventories (%) | |||||||
| Accounts Payable | 62.70 | 48.23 | 445.16 | -1,857.39 | 7,749.77 | -32,335.04 | 134,914.38 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.34 |
|---|---|
| Beta | 0.658 |
| Diluted Shares Outstanding | 73.41 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.51% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.944 |
| Total Debt | 326.55 |
| Total Equity | 612.25 |
| Total Capital | 938.80 |
| Debt Weighting | 34.78 |
| Equity Weighting | 65.22 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | -32.24 | 134.52 | -561.28 | 2,341.87 | -9,771.20 | 40,769.23 | -170,105.11 |
|---|---|---|---|---|---|---|---|
| EBITDA | -29.64 | 135.93 | -541.54 | 2,259.50 | -9,427.51 | 39,335.26 | -164,122.01 |
| EBIT | - | - | -541.54 | 2,259.50 | -9,427.51 | 39,335.26 | -164,122.01 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | -541.54 | 2,259.50 | -9,427.51 | 39,335.26 | -164,122.01 |
| Depreciation | - | - | - | - | - | - | - |
| Accounts Receivable | - | 8.42 | -236.17 | 1,371.47 | -5,722.33 | 23,875.77 | -99,619.02 |
| Inventories | - | - | - | - | - | - | - |
| Accounts Payable | - | -14.47 | 396.93 | -2,302.56 | 9,607.16 | -40,084.81 | 167,249.43 |
| Capital Expenditure | - | - | - | - | - | - | - |
| UFCF | - | - | -380.77 | 1,328.42 | -5,542.68 | 23,126.22 | -96,491.61 |
| WACC | |||||||
| PV UFCF | -412.24 | 1,382.22 | -5,542.68 | 22,226.07 | -89,126.20 | ||
| SUM PV UFCF | -63,447.53 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.05 |
| Free cash flow (t + 1) | -98,421.44 |
| Terminal Value | -4,801,045.85 |
| Present Value of Terminal Value | -3,936,637.55 |
Intrinsic Value
| Enterprise Value | -4,000,085.08 |
|---|---|
| Net Debt | 326.55 |
| Equity Value | -4,000,411.63 |
| Shares Outstanding | 73.41 |
| Equity Value Per Share | -54,493.32 |