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
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 | 115.99 | 123.34 | -101.19 | 331.24 | -245.52 | 231.51 | -218.30 | 205.85 | -194.10 | 183.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 120.94 | 129.76 | -95.89 | 335.36 | -240.67 | 233.13 | -219.83 | 207.29 | -195.46 | 184.31 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 233.13 | -219.83 | 207.29 | -195.46 | 184.31 |
| 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 | 38.38 | 28.62 | 28.05 | 51.05 | 101.34 | 1.25 | -1.18 | 1.11 | -1.05 | 0.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 32.39 | 75.99 | 52.32 | 86.95 | 118.66 | 7.29 | -6.87 | 6.48 | -6.11 | 5.76 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 34.43 | 28.29 | 121.91 | 176.58 | 106.66 | -26.85 | 25.32 | -23.88 | 22.51 | -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 | 115.99 | 123.34 | -101.19 | 331.24 | -245.52 | 231.51 | -218.30 | 205.85 | -194.10 | 183.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 120.94 | 129.76 | -95.89 | 335.36 | -240.67 | 233.13 | -219.83 | 207.29 | -195.46 | 184.31 |
| EBIT | - | - | - | - | - | 233.13 | -219.83 | 207.29 | -195.46 | 184.31 |
| 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 | -219.83 | 207.29 | -195.46 | 184.31 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -43.60 | 23.67 | -34.63 | -31.72 | 111.37 | 14.17 | -13.36 | 12.60 | -11.88 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -6.14 | 93.62 | 54.66 | -69.92 | -133.51 | 52.17 | -49.20 | 46.39 | -43.74 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 211 | -153.49 | 144.74 | -136.48 | 128.69 |
| WACC | ||||||||||
| PV UFCF | 200.61 | -138.75 | 124.39 | -111.51 | 99.97 | |||||
| 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 |