Discounted Cash Flow (DCF) Analysis Unlevered

Pioneer High Income Fund, Inc. (PHT)

$7.31

+0.01 (+0.14%)
All numbers are in Millions, Currency in USD
Stock DCF: -670.25 | 7.31 | overvalue

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 18.245.49-53.6892.976.09-16.9647.25-131.59366.49-1,020.72
Revenue (%)
EBITDA 20.769.30-50.0693.786.56-19.8555.28-153.97428.82-1,194.34
EBITDA (%)
EBIT ------19.8555.28-153.97428.82-1,194.34
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 0.090.091.8213.720.01-0.461.29-3.6010.03-27.95
Total Cash (%)
Account Receivables 7.898.838.187.056.75-10.4229.02-80.82225.09-626.92
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.564.411.6111.182.06-4.4712.46-34.6996.62-269.11
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.31
Beta 0.915
Diluted Shares Outstanding 29.24
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.085
Total Debt 116.50
Total Equity 213.78
Total Capital 330.28
Debt Weighting 35.27
Equity Weighting 64.73
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 18.245.49-53.6892.976.09-16.9647.25-131.59366.49-1,020.72
EBITDA 20.769.30-50.0693.786.56-19.8555.28-153.97428.82-1,194.34
EBIT ------19.8555.28-153.97428.82-1,194.34
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------19.8555.28-153.97428.82-1,194.34
Depreciation ----------
Accounts Receivable --0.930.641.140.3017.17-39.44109.84-305.91852.02
Inventories ----------
Accounts Payable -2.85-2.809.56-9.11-6.5416.93-47.15131.32-365.74
Capital Expenditure ----------
UFCF ------9.2232.77-91.28254.23-708.06
WACC
PV UFCF -8.7829.74-78.92209.39-555.58
SUM PV UFCF -404.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.97
Free cash flow (t + 1) -722.22
Terminal Value -24,317.31
Present Value of Terminal Value -19,080.49

Intrinsic Value

Enterprise Value -19,484.64
Net Debt 116.49
Equity Value -19,601.13
Shares Outstanding 29.24
Equity Value Per Share -670.25