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
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 | $ 9.51 |
|---|---|
| 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 | -22.21 | 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 | -30.18 | 13.15 | -5.47 | 2.28 | -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 |