Discounted Cash Flow (DCF) Analysis Unlevered

Royce Value Trust Inc. (RVT)

$12.92

-0.05 (-0.39%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.60 | 12.92 | 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 -217.27387.06322.35364.81-458.18122.89-32.968.84-2.370.64
Revenue (%)
EBITDA -217.62386.86321.05362.54-458.77122.70-32.918.83-2.370.64
EBITDA (%)
EBIT -----122.70-32.918.83-2.370.64
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 0.070.010-0.040.05-0.010-00-0
Total Cash (%)
Account Receivables 1.311.312.764.887.530.07-0.020.01-00
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.340.774.513.925.170.34-0.090.02-0.010
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.92
Beta 1.425
Diluted Shares Outstanding 103.36
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.105
Total Debt 35
Total Equity 1,335.38
Total Capital 1,370.38
Debt Weighting 2.55
Equity Weighting 97.45
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 -217.27387.06322.35364.81-458.18122.89-32.968.84-2.370.64
EBITDA -217.62386.86321.05362.54-458.77122.70-32.918.83-2.370.64
EBIT -----122.70-32.918.83-2.370.64
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----122.70-32.918.83-2.370.64
Depreciation ----------
Accounts Receivable -0.01-1.46-2.11-2.657.460.09-0.020.01-0
Inventories ----------
Accounts Payable -0.423.74-0.591.25-4.83-0.430.12-0.030.01
Capital Expenditure ----------
UFCF -----125.32-33.258.92-2.390.64
WACC
PV UFCF 113.95-27.496.70-1.640.40
SUM PV UFCF 91.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.98
Free cash flow (t + 1) 0.65
Terminal Value 8.20
Present Value of Terminal Value 5.10

Intrinsic Value

Enterprise Value 97.03
Net Debt 35
Equity Value 62.03
Shares Outstanding 103.36
Equity Value Per Share 0.60