Discounted Cash Flow (DCF) Analysis Levered
BlackRock New York Municipal Income... (BNY)
$9.91
+0.06 (+0.61%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | -2.04 | 1.79 | 14.61 | 7.57 | 19.67 | 51.11 | 132.84 | 345.24 | 897.24 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | 8.64 | 8.37 | 3.49 | 0.05 | 3.36 | 8.74 | 22.71 | 59.02 | 153.40 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | - | - | - | - | 3.36 | 8.74 | 22.71 | 59.02 | 153.40 |
Weighted Average Cost Of Capital
| Share price | $ 9.91 |
|---|---|
| Beta | 0.375 |
| Diluted Shares Outstanding | 13.05 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.407 |
| Total Debt | - |
| Total Equity | 129.34 |
| Total Capital | 129.34 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | -2.04 | 1.79 | 14.61 | 7.57 | 19.67 | 51.11 | 132.84 | 345.24 | 897.24 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8.64 | 8.37 | 3.49 | 0.05 | 3.36 | 8.74 | 22.71 | 59.02 | 153.40 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | 3.36 | 8.74 | 22.71 | 59.02 | 153.40 |
| WACC | |||||||||
| PV LFCF | 3.03 | 7.46 | 18.40 | 45.35 | 111.82 | ||||
| SUM PV LFCF | 196.13 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.41 |
| Free cash flow (t + 1) | 156.47 |
| Terminal Value | 4,588.45 |
| Present Value of Terminal Value | 3,525.80 |
Intrinsic Value
| Enterprise Value | 3,721.92 |
|---|---|
| Net Debt | - |
| Equity Value | 3,721.92 |
| Shares Outstanding | 13.05 |
| Equity Value Per Share | 285.18 |