Discounted Cash Flow (DCF) Analysis Levered

AllianceBernstein National Municipa... (AFB)

$11.9

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 151.32 | 11.9 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 26.462626.188.9728.0838.3652.3871.5497.70133.44
Revenue (%)
Operating Cash Flow 24.3618.1216.2416.8718.4136.6250.0268.3193.29127.41
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----36.6250.0268.3193.29127.41

Weighted Average Cost Of Capital

Share price $ 11.9
Beta 0.266
Diluted Shares Outstanding 28.32
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 10.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.135
Total Debt 26.09
Total Equity 337.03
Total Capital 363.13
Debt Weighting 7.19
Equity Weighting 92.81
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 26.462626.188.9728.0838.3652.3871.5497.70133.44
Operating Cash Flow 24.3618.1216.2416.8718.4136.6250.0268.3193.29127.41
Capital Expenditure ----------
Free Cash Flow -----36.6250.0268.3193.29127.41
WACC
PV LFCF 27.9636.5147.6762.2481.26
SUM PV LFCF 320.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.60
Free cash flow (t + 1) 129.96
Terminal Value 4,998.32
Present Value of Terminal Value 3,991.77

Intrinsic Value

Enterprise Value 4,311.86
Net Debt 26.09
Equity Value 4,285.77
Shares Outstanding 28.32
Equity Value Per Share 151.32