Discounted Cash Flow (DCF) Analysis Levered

Nuveen Multi-Market Income Fund (JMM)

$5.8601

+0.00 (+0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 29.88 | 5.8601 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4.71	4.70	-1.57	6.53	-8.34	9.96	-11.90	14.22	-16.98	20.28
Revenue (%)
Operating Cash Flow	4.47	2.78	2.11	3.83	1.19	1.28	-1.52	1.82	-2.17	2.60
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	1.28	-1.52	1.82	-2.17	2.60

Weighted Average Cost Of Capital

Share price	$ 5.8,601
Beta	0.000
Diluted Shares Outstanding	9.58
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	0.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.697
Total Debt	24.02
Total Equity	56.14
Total Capital	80.15
Debt Weighting	29.96
Equity Weighting	70.04
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4.71	4.70	-1.57	6.53	-8.34	9.96	-11.90	14.22	-16.98	20.28
Operating Cash Flow	4.47	2.78	2.11	3.83	1.19	1.28	-1.52	1.82	-2.17	2.60
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	1.28	-1.52	1.82	-2.17	2.60
WACC
PV LFCF						1.24	-1.44	1.68	-1.95	2.27
SUM PV LFCF										1.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.75
Free cash flow (t + 1)	2.65
Terminal Value	353.27
Present Value of Terminal Value	308.46

Intrinsic Value

Enterprise Value	310.26
Net Debt	24.02
Equity Value	286.24
Shares Outstanding	9.58
Equity Value Per Share	29.88