Discounted Cash Flow (DCF) Analysis Unlevered

PIMCO Corporate & Income Opportunit... (PTY)

$13.72

+0.01 (+0.07%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.49 | 13.72 | undervalue

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 115.99123.34-101.19331.24-245.52231.51-218.30205.85-194.10183.03
Revenue (%)
EBITDA 120.94129.76-95.89335.36-240.67233.13-219.83207.29-195.46184.31
EBITDA (%)
EBIT -----233.13-219.83207.29-195.46184.31
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 38.3828.6228.0551.05101.341.25-1.181.11-1.050.99
Total Cash (%)
Account Receivables 32.3975.9952.3286.95118.667.29-6.876.48-6.115.76
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 34.4328.29121.91176.58106.66-26.8525.32-23.8822.51-21.23
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.72
Beta 0.846
Diluted Shares Outstanding 106.61
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.525
Total Debt 765.70
Total Equity 1,462.62
Total Capital 2,228.33
Debt Weighting 34.36
Equity Weighting 65.64
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 115.99123.34-101.19331.24-245.52231.51-218.30205.85-194.10183.03
EBITDA 120.94129.76-95.89335.36-240.67233.13-219.83207.29-195.46184.31
EBIT -----233.13-219.83207.29-195.46184.31
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----233.13-219.83207.29-195.46184.31
Depreciation ----------
Accounts Receivable --43.6023.67-34.63-31.72111.3714.17-13.3612.60-11.88
Inventories ----------
Accounts Payable --6.1493.6254.66-69.92-133.5152.17-49.2046.39-43.74
Capital Expenditure ----------
UFCF -----211-153.49144.74-136.48128.69
WACC
PV UFCF 200.61-138.75124.39-111.5199.97
SUM PV UFCF 174.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.18
Free cash flow (t + 1) 131.27
Terminal Value 4,127.88
Present Value of Terminal Value 3,206.72

Intrinsic Value

Enterprise Value 3,381.43
Net Debt 664.36
Equity Value 2,717.07
Shares Outstanding 106.61
Equity Value Per Share 25.49