FS KKR Capital Corp. (FSK) Two-Stage Excess Return Model - Discounting Cash Flows
FS KKR Capital Corp.
FSK (NYSE)

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Two-Stage Excess Return Model

Used to estimate the value of companies based on two stages of growth. An initial period of high growth, represented by [Sum of discounted excess returns in Growth Stage], followed by a period of stable growth, represented by [Discounted excess return in terminal stage]. Excess Return models are better suited to calculate the intrinsic value of a financial company than an enterprise valuation model (such as the Discounted Free Cash Flow Model).

Read more: GitHub Documentation

Interactive Assumptions

Results

Estimated Value 31.14 USD
Book value of equity invested 23.37 USD
Sum of discounted excess returns in Growth Stage 1.64 USD
Terminal stage EPS 2.36 USD
Terminal stage Book Value 21.72 USD
Terminal stage Equity Cost 1.94 USD
Discounted excess return in terminal stage 6.13 USD
Excess Returns in the Terminal Stage 9.41 USD
Terminal Cost of Equity (the discount rate) 8.95%
Terminal year's excess return 0.422 USD
Average historical Return on Equity 10.89%
Average historical Payout Ratio 198%
Payout Ratio in stable stage 59.04%
Yield of the U.S. 10 Year Treasury Bond 4.46%

Historical and Forecasted Data

In USD

Edit Chart Values 2025 2026 2027 2028 2029

amounts of USD except for #

2024 LTM 2025 2026 2027 2028 2029
Beginning Book Value 24.44 23.64 23.64 21.84 20.83 20.5 20.79
Ending Book Value 23.64 23.37 21.84 20.83 20.5 20.79 21.72
EPS 2.09 1.89 2.57 2.38 2.27 2.23 2.26
Return on Equity 8.54% 8.03% 10.89% 10.89% 10.89% 10.89% 10.89%
Dividend per Share 2.9 3.55 4.38 3.39 2.6 1.94 1.34
Payout Ratio 138.8% 187.8% 170.2% 142.4% 114.6% 86.84% 59.04%
Retained Earnings -0.81 -1.66 -1.81 -1.01 -0.332 0.294 0.927
Equity Cost 2.19 2.12 2.12 1.95 1.86 1.83 1.86
Cost of Equity 8.95% 8.95% 8.95% 8.95% 8.95% 8.95% 8.95%
Excess Return -0.096 -0.225 0.46 0.424 0.405 0.398 0.404
Discounted Excess Return
0.422 0.358 0.313 0.283 0.263

amounts of USD except for #

Average LTM 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Net Income 394.9 532 585 696 92 1,515 -405 246 569 182 294 38.38
Total Stockholders Equity 4,789 6,546 6,622 6,849 7,012 7,730 3,096 3,866 4,166 2,285 2,297 2,209
Return on Equity 10.89% 8.03% 8.54% 9.93% 1.19% 48.93% -10.48% 5.91% 24.9% 7.92% 13.31% 1.62%
Dividends Paid to Common Shareholders 498.2 994.2 812.2 826.8 754.1 522.8 318.2 394.4 213.7 210.9 217.3 215.9
Payout Ratio 198% 187.8% 138.8% 119% 831.2% 34.5% -78.53% 160% 37.57% 116.2% 73.76% 557.8%
Shares Outstanding 166.8 280.1 280.1 280.3 283.5 211.7 124.3 129.7 62.84 61.32 60.86 60.49
Earnings per Share 2.73 1.89 2.09 2.48 0.32 7.16 -3.26 1.9 9.05 2.96 4.84 0.64
Dividend per Share 3.1 3.55 2.9 2.95 2.66 2.47 2.56 3.04 3.4 3.44 3.57 3.57
Dividend Growth Rate 0.512% 22.41% -1.7% 10.9% 7.69% -3.52% -15.79% -10.59% -1.16% -3.64% 0%
Book Value 33.2 23.37 23.64 24.44 24.73 36.52 24.91 29.8 66.29 37.26 37.75 36.52
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Discounting Cash Flows

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