Discounted Cash Flow (DCF) Analysis Unlevered

Invesco Trust for Investment Grade ... (VTN)

$9.7

+0.14 (+1.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.28 | 9.7 | overvalue

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 8.838.8033.97-4.970.700.800.911.041.191.36
Revenue (%)
EBITDA 12.0912.5537.77-2.961.951.161.331.521.741.98
EBITDA (%)
EBIT -----1.161.331.521.741.98
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 -0.060.22-0.0300.010.010.010.010.01
Total Cash (%)
Account Receivables 5.054.674.574.664.351.041.191.361.551.77
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.360.210.193.570.09-0.05-0.05-0.06-0.07-0.08
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.7
Beta 0.347
Diluted Shares Outstanding 19.96
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.240
Total Debt 59.67
Total Equity 193.62
Total Capital 253.29
Debt Weighting 23.56
Equity Weighting 76.44
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 8.838.8033.97-4.970.700.800.911.041.191.36
EBITDA 12.0912.5537.77-2.961.951.161.331.521.741.98
EBIT -----1.161.331.521.741.98
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----1.161.331.521.741.98
Depreciation ----------
Accounts Receivable -0.380.10-0.090.313.31-0.15-0.17-0.19-0.22
Inventories ----------
Accounts Payable --2.14-0.023.38-3.47-0.14-0.01-0.01-0.01-0.01
Capital Expenditure ----------
UFCF -----4.331.181.341.531.75
WACC
PV UFCF 4.141.081.171.281.40
SUM PV UFCF 9.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.59
Free cash flow (t + 1) 1.79
Terminal Value 69.04
Present Value of Terminal Value 55.16

Intrinsic Value

Enterprise Value 64.23
Net Debt 58.55
Equity Value 5.69
Shares Outstanding 19.96
Equity Value Per Share 0.28