Discounted Cash Flow (DCF) Analysis Levered

BlackRock MuniHoldings Quality Fund... (MUE)

$9.69

+0.06 (+0.62%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.03 | 9.69 | overvalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	21.92	18.06	21.19	-39.58	-5.83	-0.40	-0.03	-0	-0	-0
Revenue (%)
Operating Cash Flow	4.30	9.23	14.60	26.57	52.62	0.67	0.05	0	0	0
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	0.67	0.05	0	0	0

Weighted Average Cost Of Capital

Share price	$ 9.69
Beta	0.480
Diluted Shares Outstanding	22.27
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	10,140.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.494
Total Debt	0.06
Total Equity	215.75
Total Capital	215.81
Debt Weighting	0.03
Equity Weighting	99.97
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	21.92	18.06	21.19	-39.58	-5.83	-0.40	-0.03	-0	-0	-0
Operating Cash Flow	4.30	9.23	14.60	26.57	52.62	0.67	0.05	0	0	0
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	0.67	0.05	0	0	0
WACC
PV LFCF						0.61	0.04	0	0	0
SUM PV LFCF										0.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.26
Free cash flow (t + 1)	0
Terminal Value	0
Present Value of Terminal Value	0

Intrinsic Value

Enterprise Value	0.65
Net Debt	0.06
Equity Value	0.59
Shares Outstanding	22.27
Equity Value Per Share	0.03