Discounted Cash Flow (DCF) Analysis Unlevered

SLR Investment Corp. (SLRC)

$14.98

-0.03 (-0.20%)
All numbers are in Millions, Currency in USD
Stock DCF: 58.78 | 14.98 | undervalue

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 76.2766.3523.6069.5328.3132.4137.1042.4748.6255.65
Revenue (%)
EBITDA 91.6056.0215.4559.57122.4551.0958.4866.9576.6387.72
EBITDA (%)
EBIT -----51.0958.4866.9576.6387.72
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 207.22436.35388.78322.9319.10201.51230.67264.05302.26345.99
Total Cash (%)
Account Receivables 19.3518.1014.6616.9322.0214.0616.0918.4221.0924.14
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 273.65440.67400.78341.86433.04307.40351.89402.81461.10527.82
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.98
Beta 1.136
Diluted Shares Outstanding 52.41
Cost of Debt
Tax Rate -259.59
After-tax Cost of Debt 4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.613
Total Debt 1,086
Total Equity 785.04
Total Capital 1,871.04
Debt Weighting 58.04
Equity Weighting 41.96
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 76.2766.3523.6069.5328.3132.4137.1042.4748.6255.65
EBITDA 91.6056.0215.4559.57122.4551.0958.4866.9576.6387.72
EBIT -----51.0958.4866.9576.6387.72
Tax Rate 0.00%0.00%0.00%0.00%-259.59%-51.92%-51.92%-51.92%-51.92%-51.92%
EBIAT -----77.6288.85101.70116.42133.27
Depreciation ----------
Accounts Receivable -1.253.44-2.27-5.097.96-2.03-2.33-2.67-3.05
Inventories ----------
Accounts Payable -167.02-39.89-58.9291.17-125.6344.4850.9258.2966.72
Capital Expenditure ----------
UFCF ------40.06131.30150.30172.04196.94
WACC
PV UFCF -37.61115.76124.42133.73143.74
SUM PV UFCF 480.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.50
Free cash flow (t + 1) 200.88
Terminal Value 4,463.98
Present Value of Terminal Value 3,258.17

Intrinsic Value

Enterprise Value 3,738.22
Net Debt 657.66
Equity Value 3,080.55
Shares Outstanding 52.41
Equity Value Per Share 58.78