Discounted Cash Flow (DCF) Analysis Levered

Nuveen Municipal High Income Opport... (NMZ)

$10.38

-0.40 (-3.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 9,505.00 | 10.38 | 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 38.253.44126.88-6.96172.72523.091,584.154,797.5214,529.0744,000.62
Revenue (%)
Operating Cash Flow -155.92-55.73-47.51-184.56-340.73405.721,228.713,721.1111,269.2034,128.25
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----405.721,228.713,721.1111,269.2034,128.25

Weighted Average Cost Of Capital

Share price $ 10.38
Beta 0.406
Diluted Shares Outstanding 64.40
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 94.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.794
Total Debt 4.91
Total Equity 668.52
Total Capital 673.43
Debt Weighting 0.73
Equity Weighting 99.27
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 38.253.44126.88-6.96172.72523.091,584.154,797.5214,529.0744,000.62
Operating Cash Flow -155.92-55.73-47.51-184.56-340.73405.721,228.713,721.1111,269.2034,128.25
Capital Expenditure ----------
Free Cash Flow -----405.721,228.713,721.1111,269.2034,128.25
WACC
PV LFCF 381.181,084.533,085.738,779.5824,979.84
SUM PV LFCF 38,310.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.44
Free cash flow (t + 1) 34,810.81
Terminal Value 784,027.31
Present Value of Terminal Value 573,861.20

Intrinsic Value

Enterprise Value 612,172.04
Net Debt 4.91
Equity Value 612,167.13
Shares Outstanding 64.40
Equity Value Per Share 9,505.00