Discounted Cash Flow (DCF) Analysis Unlevered

Western Asset Inflation-Linked Oppo... (WIW)

$9.51

+0.01 (+0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: -7.73 | 9.51 | overvalue

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 52.37-22.2176.0282.2685.28-36.8515.92-6.882.97-1.28
Revenue (%)
EBITDA 54.45-18.2282.9884.7383.72-36.5815.81-6.832.95-1.28
EBITDA (%)
EBIT ------36.5815.81-6.832.95-1.28
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 12.100.030.056.326.55-2.831.22-0.530.23-0.10
Total Cash (%)
Account Receivables 5.0913.7223.815.924.980.57-0.240.11-0.050.02
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.1711.4019.271.300.871.70-0.730.32-0.140.06
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.51
Beta 0.573
Diluted Shares Outstanding 61.29
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.453
Total Debt 400.63
Total Equity 582.87
Total Capital 983.49
Debt Weighting 40.73
Equity Weighting 59.27
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 52.37-22.2176.0282.2685.28-36.8515.92-6.882.97-1.28
EBITDA 54.45-18.2282.9884.7383.72-36.5815.81-6.832.95-1.28
EBIT ------36.5815.81-6.832.95-1.28
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------36.5815.81-6.832.95-1.28
Depreciation ----------
Accounts Receivable --8.63-10.1017.890.944.410.81-0.350.15-0.07
Inventories ----------
Accounts Payable -11.247.87-17.97-0.430.83-2.431.05-0.450.20
Capital Expenditure ----------
UFCF ------31.3414.18-6.132.65-1.14
WACC
PV UFCF -30.1813.15-5.472.28-0.95
SUM PV UFCF -21.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.85
Free cash flow (t + 1) -1.17
Terminal Value -63.09
Present Value of Terminal Value -52.23

Intrinsic Value

Enterprise Value -73.39
Net Debt 400.18
Equity Value -473.57
Shares Outstanding 61.29
Equity Value Per Share -7.73