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
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 | 18.24 | 5.49 | -53.68 | 92.97 | 6.09 | -16.96 | 47.25 | -131.59 | 366.49 | -1,020.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 20.76 | 9.30 | -50.06 | 93.78 | 6.56 | -19.85 | 55.28 | -153.97 | 428.82 | -1,194.34 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -19.85 | 55.28 | -153.97 | 428.82 | -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 | 0.09 | 0.09 | 1.82 | 13.72 | 0.01 | -0.46 | 1.29 | -3.60 | 10.03 | -27.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 7.89 | 8.83 | 8.18 | 7.05 | 6.75 | -10.42 | 29.02 | -80.82 | 225.09 | -626.92 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.56 | 4.41 | 1.61 | 11.18 | 2.06 | -4.47 | 12.46 | -34.69 | 96.62 | -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 | 18.24 | 5.49 | -53.68 | 92.97 | 6.09 | -16.96 | 47.25 | -131.59 | 366.49 | -1,020.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 20.76 | 9.30 | -50.06 | 93.78 | 6.56 | -19.85 | 55.28 | -153.97 | 428.82 | -1,194.34 |
| EBIT | - | - | - | - | - | -19.85 | 55.28 | -153.97 | 428.82 | -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 | - | - | - | - | - | -19.85 | 55.28 | -153.97 | 428.82 | -1,194.34 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.93 | 0.64 | 1.14 | 0.30 | 17.17 | -39.44 | 109.84 | -305.91 | 852.02 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.85 | -2.80 | 9.56 | -9.11 | -6.54 | 16.93 | -47.15 | 131.32 | -365.74 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -9.22 | 32.77 | -91.28 | 254.23 | -708.06 |
| WACC | ||||||||||
| PV UFCF | -8.78 | 29.74 | -78.92 | 209.39 | -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 |