Discounted Cash Flow (DCF) Analysis Levered

BlackRock MuniHoldings Quality Fund... (MUE)

$9.75

-0.15 (-1.52%)

All numbers are in Millions, Currency in USD

Stock DCF: 7,382.41 | 9.75 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	-2.56	2.14	21.92	18.06	21.19	60.43	172.38	491.69	1,402.50	4,000.51
Revenue (%)
Operating Cash Flow	11.79	30.50	4.30	9.23	14.60	133.58	381.04	1,086.87	3,100.21	8,843.08
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	133.58	381.04	1,086.87	3,100.21	8,843.08

Weighted Average Cost Of Capital

Share price	$ 9.75
Beta	0.360
Diluted Shares Outstanding	22.39
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	509.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.505
Total Debt	0.34
Total Equity	218.31
Total Capital	218.65
Debt Weighting	0.16
Equity Weighting	99.84
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	-2.56	2.14	21.92	18.06	21.19	60.43	172.38	491.69	1,402.50	4,000.51
Operating Cash Flow	11.79	30.50	4.30	9.23	14.60	133.58	381.04	1,086.87	3,100.21	8,843.08
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	133.58	381.04	1,086.87	3,100.21	8,843.08
WACC
PV LFCF						125.68	337.27	905.11	2,428.97	6,518.41
SUM PV LFCF										10,315.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.29
Free cash flow (t + 1)	9,019.94
Terminal Value	210,255.03
Present Value of Terminal Value	154,983.10

Intrinsic Value

Enterprise Value	165,298.54
Net Debt	0.34
Equity Value	165,298.19
Shares Outstanding	22.39
Equity Value Per Share	7,382.41