Discounted Cash Flow (DCF) Analysis Levered

Nuveen Emerging Markets Debt 2022 T... (JEMD)

$6.63

-0.00 (-0.05%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.54 | 6.63 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	-11.78	11.97	-7.41	4.17	-3.05	2.24	-1.64	1.20	-0.88
Revenue (%)
Operating Cash Flow	6.33	6.52	21.77	3.75	1.55	-1.14	0.83	-0.61	0.45
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	1.55	-1.14	0.83	-0.61	0.45

Weighted Average Cost Of Capital

Share price	$ 6.63
Beta	0.000
Diluted Shares Outstanding	14.26
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	0.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.739
Total Debt	33
Total Equity	94.57
Total Capital	127.58
Debt Weighting	25.87
Equity Weighting	74.13
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	-11.78	11.97	-7.41	4.17	-3.05	2.24	-1.64	1.20	-0.88
Operating Cash Flow	6.33	6.52	21.77	3.75	1.55	-1.14	0.83	-0.61	0.45
Capital Expenditure	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	1.55	-1.14	0.83	-0.61	0.45
WACC
PV LFCF					1.55	-1.10	0.78	-0.56	0.40
SUM PV LFCF									1.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.99
Free cash flow (t + 1)	0.46
Terminal Value	45.97
Present Value of Terminal Value	39.67

Intrinsic Value

Enterprise Value	40.71
Net Debt	32.99
Equity Value	7.72
Shares Outstanding	14.26
Equity Value Per Share	0.54