Discounted Cash Flow (DCF) Analysis Levered

MFS High Income Municipal Trust (CXE)

$3.37

-0.04 (-1.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 42,580.54 | 3.37 | 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 13.624.5716.250.8612.6658.94274.421,277.705,948.9727,698.25
Revenue (%)
Operating Cash Flow 9.369.067.877.627.89148.70692.363,223.6015,009.0369,881.72
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----148.70692.363,223.6015,009.0369,881.72

Weighted Average Cost Of Capital

Share price $ 3.37
Beta 0.474
Diluted Shares Outstanding 31.08
Cost of Debt
Tax Rate 0.01
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.200
Total Debt -
Total Equity 104.73
Total Capital 104.73
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
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 13.624.5716.250.8612.6658.94274.421,277.705,948.9727,698.25
Operating Cash Flow 9.369.067.877.627.89148.70692.363,223.6015,009.0369,881.72
Capital Expenditure ----------
Free Cash Flow -----148.70692.363,223.6015,009.0369,881.72
WACC
PV LFCF 103.65454.421,992.268,734.3838,292.91
SUM PV LFCF 66,974.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.20
Free cash flow (t + 1) 71,279.35
Terminal Value 1,697,127.39
Present Value of Terminal Value 1,256,295.66

Intrinsic Value

Enterprise Value 1,323,269.97
Net Debt -
Equity Value 1,323,269.97
Shares Outstanding 31.08
Equity Value Per Share 42,580.54