Discounted Cash Flow (DCF) Analysis Unlevered

Stellus Capital Investment Corporat... (SCM)

$12.51

-0.03 (-0.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 131.63 | 12.51 | 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 27.2631.0631.6925.5242.6649.4557.3266.4477.0189.27
Revenue (%)
EBITDA 30.4639.1442.3837.1455.8464.0874.2886.1099.80115.68
EBITDA (%)
EBIT -----64.0874.2886.1099.80115.68
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 25.1117.4716.1318.4844.1737.1143.0149.8657.7966.99
Total Cash (%)
Account Receivables 2.953.973.062.433.545.055.866.797.879.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.833.674.492.144.865.556.447.468.6510.03
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.51
Beta 1.222
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 9.534
Total Debt 518.17
Total Equity 243.82
Total Capital 761.99
Debt Weighting 68.00
Equity Weighting 32.00
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 27.2631.0631.6925.5242.6649.4557.3266.4477.0189.27
EBITDA 30.4639.1442.3837.1455.8464.0874.2886.1099.80115.68
EBIT -----64.0874.2886.1099.80115.68
Tax Rate -0.04%2.28%3.54%4.70%9.56%4.01%4.01%4.01%4.01%4.01%
EBIAT -----61.5171.3082.6595.80111.05
Depreciation ----------
Accounts Receivable --1.020.910.63-1.10-1.52-0.80-0.93-1.08-1.25
Inventories ----------
Accounts Payable -0.840.82-2.352.720.690.881.021.191.38
Capital Expenditure ----------
UFCF -----60.6971.3882.7495.91111.17
WACC
PV UFCF 57.6564.4170.9378.1085.99
SUM PV UFCF 357.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.27
Free cash flow (t + 1) 113.39
Terminal Value 3,467.70
Present Value of Terminal Value 2,682.37

Intrinsic Value

Enterprise Value 3,039.44
Net Debt 474
Equity Value 2,565.45
Shares Outstanding 19.49
Equity Value Per Share 131.63