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
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 | -46.47 | 75.43 | 25 | 96.30 | -101.83 | -38.27 | -14.38 | -5.40 | -2.03 | -0.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -45.91 | 75.36 | 24.67 | 95.51 | -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 | 0 | 0.07 | 0.01 | 0.04 | -0.04 | -0.02 | -0.01 | -0 | -0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.70 | 0.56 | 0.64 | 0.77 | 6.86 | 0.32 | 0.12 | 0.04 | 0.02 | 0.01 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.02 | 0.25 | 0.36 | 0.75 | 22.87 | 1.53 | 0.57 | 0.22 | 0.08 | 0.03 |
| 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 | -46.47 | 75.43 | 25 | 96.30 | -101.83 | -38.27 | -14.38 | -5.40 | -2.03 | -0.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -45.91 | 75.36 | 24.67 | 95.51 | -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 | -6.09 | 6.54 | 0.20 | 0.07 | 0.03 | 0.01 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.23 | 0.10 | 0.39 | 22.12 | -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 |