Discounted Cash Flow (DCF) Analysis Levered

BlackRock MuniAssets Fund, Inc. (MUA)

$12.91

-0.27 (-2.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 41.08 | 12.91 | 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 22.7028.88-23.3694.02-62.6466.20-69.9773.95-78.1582.60
Revenue (%)
Operating Cash Flow 20.6222.4024.555.92-133.8437.51-39.6441.89-44.2846.79
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----37.51-39.6441.89-44.2846.79

Weighted Average Cost Of Capital

Share price $ 12.91
Beta 0.333
Diluted Shares Outstanding 36.28
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 24,711.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.367
Total Debt 0
Total Equity 468.33
Total Capital 468.33
Debt Weighting 0.00
Equity Weighting 100.00
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 22.7028.88-23.3694.02-62.6466.20-69.9773.95-78.1582.60
Operating Cash Flow 20.6222.4024.555.92-133.8437.51-39.6441.89-44.2846.79
Capital Expenditure ----------
Free Cash Flow -----37.51-39.6441.89-44.2846.79
WACC
PV LFCF 35.85-36.2236.58-36.9637.33
SUM PV LFCF 36.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.62
Free cash flow (t + 1) 47.73
Terminal Value 1,821.70
Present Value of Terminal Value 1,453.46

Intrinsic Value

Enterprise Value 1,490.06
Net Debt 0
Equity Value 1,490.05
Shares Outstanding 36.28
Equity Value Per Share 41.08