Discounted Cash Flow (DCF) Analysis Unlevered
Invesco Trust for Investment Grade ... (VTN)
$9.45
-0.02 (-0.21%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 8.80 | 33.97 | -4.97 | 0.70 | -29.33 | 281.67 | -2,705.04 | 25,978.26 | -249,486.36 | 2,395,982.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 12.55 | 33.70 | -5.19 | 1.95 | -25.86 | 402.23 | -3,862.91 | 37,098.10 | -356,277.57 | 3,421,568.57 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 402.23 | -3,862.91 | 37,098.10 | -356,277.57 | 3,421,568.57 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 0.06 | 0.22 | -0.03 | 0 | -0.19 | 1.79 | -17.20 | 165.20 | -1,586.56 | 15,236.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.67 | 4.57 | 4.66 | 4.35 | 3.81 | 327.94 | -3,149.45 | 30,246.26 | -290,474.81 | 2,789,621.32 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.21 | 0.19 | 3.57 | 0.09 | 0.30 | -31.68 | 304.22 | -2,921.65 | 28,058.54 | -269,464.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.45 |
|---|---|
| Beta | 0.459 |
| Diluted Shares Outstanding | 19.44 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 8.76% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.602 |
| Total Debt | 42.17 |
| Total Equity | 183.75 |
| Total Capital | 225.92 |
| Debt Weighting | 18.67 |
| Equity Weighting | 81.33 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 8.80 | 33.97 | -4.97 | 0.70 | -29.33 | 281.67 | -2,705.04 | 25,978.26 | -249,486.36 | 2,395,982.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 12.55 | 33.70 | -5.19 | 1.95 | -25.86 | 402.23 | -3,862.91 | 37,098.10 | -356,277.57 | 3,421,568.57 |
| EBIT | - | - | - | - | - | 402.23 | -3,862.91 | 37,098.10 | -356,277.57 | 3,421,568.57 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 402.23 | -3,862.91 | 37,098.10 | -356,277.57 | 3,421,568.57 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.10 | -0.09 | 0.31 | 0.54 | -324.13 | 3,477.39 | -33,395.71 | 320,721.08 | -3,080,096.14 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.02 | 3.38 | -3.47 | 0.21 | -31.98 | 335.90 | -3,225.87 | 30,980.19 | -297,523.20 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 46.12 | -49.62 | 476.52 | -4,576.30 | 43,949.23 |
| WACC | ||||||||||
| PV UFCF | 43.11 | -43.34 | 388.98 | -3,491.24 | 31,335.19 | |||||
| SUM PV UFCF | 28,232.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.00 |
| Free cash flow (t + 1) | 44,828.22 |
| Terminal Value | 896,564.33 |
| Present Value of Terminal Value | 639,237.98 |
Intrinsic Value
| Enterprise Value | 667,470.68 |
|---|---|
| Net Debt | 40.74 |
| Equity Value | 667,429.94 |
| Shares Outstanding | 19.44 |
| Equity Value Per Share | 34,325.88 |