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
Stock DCF: -1.17 | 14.27 | overvalue

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 240.89-217.27387.06322.35364.81-65.5611.78-2.120.38-0.07
Revenue (%)
EBITDA 240.62-217.62386.86321.05362.54-65.4311.76-2.110.38-0.07
EBITDA (%)
EBIT ------65.4311.76-2.110.38-0.07
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 0.070.070.010-00-00-00
Total Cash (%)
Account Receivables 2.241.311.312.764.88-0.370.07-0.010-0
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.760.340.774.513.92-0.530.10-0.020-0
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 240.89-217.27387.06322.35364.81-65.5611.78-2.120.38-0.07
EBITDA 240.62-217.62386.86321.05362.54-65.4311.76-2.110.38-0.07
EBIT ------65.4311.76-2.110.38-0.07
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------65.4311.76-2.110.38-0.07
Depreciation ----------
Accounts Receivable -0.920.01-1.46-2.115.25-0.440.08-0.010
Inventories ----------
Accounts Payable --3.420.423.74-0.59-4.450.63-0.110.02-0
Capital Expenditure ----------
UFCF ------64.6311.95-2.150.39-0.07
WACC
PV UFCF -58.859.91-1.620.27-0.04
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