Discounted Cash Flow (DCF) Analysis Levered

BlackRock Municipal Income Quality ... (BYM)

$11.355

-0.07 (-0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.40 | 11.355 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 43.9011.5228.4617.189.809.579.359.138.918.71
Revenue (%)
Operating Cash Flow 9.9212.0131.7818.8511.858.988.778.578.368.17
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----8.988.778.578.368.17

Weighted Average Cost Of Capital

Share price $ 11.355
Beta 0.559
Diluted Shares Outstanding 26.23
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.965
Total Debt 177.45
Total Equity 297.85
Total Capital 475.30
Debt Weighting 37.33
Equity Weighting 62.67
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 43.9011.5228.4617.189.809.579.359.138.918.71
Operating Cash Flow 9.9212.0131.7818.8511.858.988.778.578.368.17
Capital Expenditure ----------
Free Cash Flow -----8.988.778.578.368.17
WACC
PV LFCF 6.345.845.384.964.57
SUM PV LFCF 36.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.98
Free cash flow (t + 1) 8.21
Terminal Value 149.80
Present Value of Terminal Value 112.04

Intrinsic Value

Enterprise Value 148.26
Net Debt 185.10
Equity Value -36.83
Shares Outstanding 26.23
Equity Value Per Share -1.40