Discounted Cash Flow (DCF) Analysis Levered
BNY Mellon Strategic Municipals, In... (LEO)
$6.09
-0.03 (-0.49%)
All numbers are in Millions, Currency in USD
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 | 40.09 | 37.48 | 7.89 | 47.29 | -111.22 | -133.16 | -159.42 | -190.86 | -228.51 | -273.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 90.38 | 31.49 | 30.63 | 52.51 | 45.19 | -204.57 | -244.92 | -293.23 | -351.06 | -420.30 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | -204.57 | -244.92 | -293.23 | -351.06 | -420.30 |
Weighted Average Cost Of Capital
| Share price | $ 6.09 |
|---|---|
| Beta | 0.465 |
| Diluted Shares Outstanding | 61.35 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.980 |
| Total Debt | 174.78 |
| Total Equity | 373.60 |
| Total Capital | 548.38 |
| Debt Weighting | 31.87 |
| Equity Weighting | 68.13 |
| 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 | 40.09 | 37.48 | 7.89 | 47.29 | -111.22 | -133.16 | -159.42 | -190.86 | -228.51 | -273.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 90.38 | 31.49 | 30.63 | 52.51 | 45.19 | -204.57 | -244.92 | -293.23 | -351.06 | -420.30 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | -204.57 | -244.92 | -293.23 | -351.06 | -420.30 |
| WACC | ||||||||||
| PV LFCF | -187.37 | -214.69 | -245.98 | -281.84 | -322.93 | |||||
| SUM PV LFCF | -1,309.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.49 |
| Free cash flow (t + 1) | -428.71 |
| Terminal Value | -17,217.24 |
| Present Value of Terminal Value | -13,822.61 |
Intrinsic Value
| Enterprise Value | -15,131.68 |
|---|---|
| Net Debt | 170.61 |
| Equity Value | -15,302.28 |
| Shares Outstanding | 61.35 |
| Equity Value Per Share | -249.44 |