Discounted Cash Flow (DCF) Analysis Unlevered

Stellus Capital Investment Corporat... (SCM)

$13.59

-0.12 (-0.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 124.09 | 13.59 | undervalue

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 27.2631.0631.6925.8842.6649.3257.0265.9376.2388.13
Revenue (%)
EBITDA 30.4639.1442.3837.1455.8463.7273.6785.1798.47113.85
EBITDA (%)
EBIT -----63.7273.6785.1798.47113.85
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 25.1117.4716.1318.4844.1736.9142.6849.3457.0565.96
Total Cash (%)
Account Receivables 2.953.973.062.433.545.035.816.727.778.98
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.833.674.492.144.865.536.397.398.559.88
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.59
Beta 1.230
Diluted Shares Outstanding 19.49
Cost of Debt
Tax Rate 9.56
After-tax Cost of Debt 3.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.510
Total Debt 518.17
Total Equity 264.87
Total Capital 783.04
Debt Weighting 66.17
Equity Weighting 33.83
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 27.2631.0631.6925.8842.6649.3257.0265.9376.2388.13
EBITDA 30.4639.1442.3837.1455.8463.7273.6785.1798.47113.85
EBIT -----63.7273.6785.1798.47113.85
Tax Rate -0.04%2.28%3.54%4.70%9.56%4.01%4.01%4.01%4.01%4.01%
EBIAT -----61.1670.7181.7694.53109.29
Depreciation ----------
Accounts Receivable --1.020.910.63-1.10-1.49-0.79-0.91-1.05-1.21
Inventories ----------
Accounts Payable -0.840.82-2.352.720.660.8611.151.33
Capital Expenditure ----------
UFCF -----60.3470.7981.8594.63109.41
WACC
PV UFCF 57.2663.7569.9476.7484.19
SUM PV UFCF 351.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.38
Free cash flow (t + 1) 111.60
Terminal Value 3,301.68
Present Value of Terminal Value 2,540.65

Intrinsic Value

Enterprise Value 2,892.52
Net Debt 474
Equity Value 2,418.52
Shares Outstanding 19.49
Equity Value Per Share 124.09