Discounted Cash Flow (DCF) Analysis Levered

BlackRock Taxable Municipal Bond Tr... (BBN)

$18.17

+0.16 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 2,335,206,010.90 | 18.17 | 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 1.2066.58155.30144.09113.621,686.1725,023.37371,354.775,511,023.3781,785,346.45
Revenue (%)
Operating Cash Flow 126.0572.8531.85155.8044.0636,247.26537,920.847,982,917.03118,469,037.661,758,118,344.86
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----36,247.26537,920.847,982,917.03118,469,037.661,758,118,344.86

Weighted Average Cost Of Capital

Share price $ 18.17
Beta 0.240
Diluted Shares Outstanding 57.36
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.832
Total Debt 708.55
Total Equity 1,042.17
Total Capital 1,750.72
Debt Weighting 40.47
Equity Weighting 59.53
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 1.2066.58155.30144.09113.621,686.1725,023.37371,354.775,511,023.3781,785,346.45
Operating Cash Flow 126.0572.8531.85155.8044.0636,247.26537,920.847,982,917.03118,469,037.661,758,118,344.86
Capital Expenditure ----------
Free Cash Flow -----36,247.26537,920.847,982,917.03118,469,037.661,758,118,344.86
WACC
PV LFCF 35,136.93505,470.377,271,560.39104,606,706.031,504,843,851.66
SUM PV LFCF 1,617,262,725.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.16
Free cash flow (t + 1) 1,793,280,711.76
Terminal Value 154,593,164,806.52
Present Value of Terminal Value 132,322,476,611.24

Intrinsic Value

Enterprise Value 133,939,739,336.62
Net Debt 708.55
Equity Value 133,939,738,628.07
Shares Outstanding 57.36
Equity Value Per Share 2,335,206,010.90