Discounted Cash Flow (DCF) Analysis Unlevered
Western Asset Inflation-Linked Oppo... (WIW)
$9.6168
+0.03 (+0.28%)
All numbers are in Millions, Currency in USD
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 | -22.21 | 76.02 | 82.26 | 85.28 | -36.85 | 15.92 | -6.88 | 2.97 | -1.28 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 54.45 | -18.22 | 82.98 | 84.73 | 83.72 | -36.58 | 15.81 | -6.83 | 2.95 | -1.28 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | -36.58 | 15.81 | -6.83 | 2.95 | -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 | 12.10 | 0.03 | 0.05 | 6.32 | 6.55 | -2.83 | 1.22 | -0.53 | 0.23 | -0.10 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5.09 | 13.72 | 23.81 | 5.92 | 4.98 | 0.57 | -0.24 | 0.11 | -0.05 | 0.02 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 0.17 | 11.40 | 19.27 | 1.30 | 0.87 | 1.70 | -0.73 | 0.32 | -0.14 | 0.06 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 9.6,168 |
---|---|
Beta | 0.582 |
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 | 6.112 |
Total Debt | 400.63 |
Total Equity | 589.41 |
Total Capital | 990.04 |
Debt Weighting | 40.47 |
Equity Weighting | 59.53 |
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 | -22.21 | 76.02 | 82.26 | 85.28 | -36.85 | 15.92 | -6.88 | 2.97 | -1.28 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 54.45 | -18.22 | 82.98 | 84.73 | 83.72 | -36.58 | 15.81 | -6.83 | 2.95 | -1.28 |
EBIT | - | - | - | - | - | -36.58 | 15.81 | -6.83 | 2.95 | -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 | - | - | - | - | - | -36.58 | 15.81 | -6.83 | 2.95 | -1.28 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | -8.63 | -10.10 | 17.89 | 0.94 | 4.41 | 0.81 | -0.35 | 0.15 | -0.07 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 11.24 | 7.87 | -17.97 | -0.43 | 0.83 | -2.43 | 1.05 | -0.45 | 0.20 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
UFCF | - | - | - | - | - | -31.34 | 14.18 | -6.13 | 2.65 | -1.14 |
WACC | ||||||||||
PV UFCF | -30.23 | 13.20 | -5.50 | 2.29 | -0.96 | |||||
SUM PV UFCF | -21.20 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 3.66 |
Free cash flow (t + 1) | -1.17 |
Terminal Value | -70.31 |
Present Value of Terminal Value | -58.74 |
Intrinsic Value
Enterprise Value | -79.94 |
---|---|
Net Debt | 400.18 |
Equity Value | -480.11 |
Shares Outstanding | 61.29 |
Equity Value Per Share | -7.83 |