Discounted Cash Flow (DCF) Analysis Unlevered

Royce Micro-Cap Trust, Inc. (RMT)

$8.59

-0.03 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.92 | 8.59 | 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 -46.4775.432596.30-101.83-38.27-14.38-5.40-2.03-0.76
Revenue (%)
EBITDA -45.9175.3624.6795.51-102.15-38.03-14.29-5.37-2.02-0.76
EBITDA (%)
EBIT ------38.03-14.29-5.37-2.02-0.76
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 00.070.010.04-0.04-0.02-0.01-0-0-0
Total Cash (%)
Account Receivables 0.700.560.640.776.860.320.120.040.020.01
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.020.250.360.7522.871.530.570.220.080.03
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.59
Beta 1.343
Diluted Shares Outstanding 43.76
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.086
Total Debt 11
Total Equity 375.94
Total Capital 386.94
Debt Weighting 2.84
Equity Weighting 97.16
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 -46.4775.432596.30-101.83-38.27-14.38-5.40-2.03-0.76
EBITDA -45.9175.3624.6795.51-102.15-38.03-14.29-5.37-2.02-0.76
EBIT ------38.03-14.29-5.37-2.02-0.76
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------38.03-14.29-5.37-2.02-0.76
Depreciation ----------
Accounts Receivable -0.13-0.08-0.12-6.096.540.200.070.030.01
Inventories ----------
Accounts Payable -0.230.100.3922.12-21.34-0.95-0.36-0.13-0.05
Capital Expenditure ----------
UFCF ------52.83-15.05-5.65-2.12-0.80
WACC
PV UFCF -48.04-12.44-4.25-1.45-0.50
SUM PV UFCF -66.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.96
Free cash flow (t + 1) -0.81
Terminal Value -10.23
Present Value of Terminal Value -6.36

Intrinsic Value

Enterprise Value -73.05
Net Debt 11
Equity Value -84.05
Shares Outstanding 43.76
Equity Value Per Share -1.92