Discounted Cash Flow (DCF) Analysis Unlevered
Royce Value Trust Inc. (RVT)
$14.27
-0.10 (-0.70%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 240.89 | -217.27 | 387.06 | 322.35 | 364.81 | -65.56 | 11.78 | -2.12 | 0.38 | -0.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 240.62 | -217.62 | 386.86 | 321.05 | 362.54 | -65.43 | 11.76 | -2.11 | 0.38 | -0.07 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -65.43 | 11.76 | -2.11 | 0.38 | -0.07 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 0.07 | 0.07 | 0.01 | 0 | -0 | 0 | -0 | 0 | -0 | 0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.24 | 1.31 | 1.31 | 2.76 | 4.88 | -0.37 | 0.07 | -0.01 | 0 | -0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.76 | 0.34 | 0.77 | 4.51 | 3.92 | -0.53 | 0.10 | -0.02 | 0 | -0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.27 |
|---|---|
| Beta | 1.415 |
| Diluted Shares Outstanding | 103.36 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.232 |
| Total Debt | 70 |
| Total Equity | 1,474.91 |
| Total Capital | 1,544.91 |
| Debt Weighting | 4.53 |
| Equity Weighting | 95.47 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 240.89 | -217.27 | 387.06 | 322.35 | 364.81 | -65.56 | 11.78 | -2.12 | 0.38 | -0.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 240.62 | -217.62 | 386.86 | 321.05 | 362.54 | -65.43 | 11.76 | -2.11 | 0.38 | -0.07 |
| EBIT | - | - | - | - | - | -65.43 | 11.76 | -2.11 | 0.38 | -0.07 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -65.43 | 11.76 | -2.11 | 0.38 | -0.07 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.92 | 0.01 | -1.46 | -2.11 | 5.25 | -0.44 | 0.08 | -0.01 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.42 | 0.42 | 3.74 | -0.59 | -4.45 | 0.63 | -0.11 | 0.02 | -0 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -64.63 | 11.95 | -2.15 | 0.39 | -0.07 |
| WACC | ||||||||||
| PV UFCF | -58.85 | 9.91 | -1.62 | 0.27 | -0.04 | |||||
| SUM PV UFCF | -50.34 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.82 |
| Free cash flow (t + 1) | -0.07 |
| Terminal Value | -0.90 |
| Present Value of Terminal Value | -0.57 |
Intrinsic Value
| Enterprise Value | -50.91 |
|---|---|
| Net Debt | 70 |
| Equity Value | -120.91 |
| Shares Outstanding | 103.36 |
| Equity Value Per Share | -1.17 |