Discounted Cash Flow (DCF) Analysis Levered

Nuveen New York AMT-Free Quality Mu... (NRK)

$10.21

+0.01 (+0.10%)

All numbers are in Millions, Currency in USD

Stock DCF: 4.39 | 10.21 | overvalue

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	43.80	63	169.96	2.84	0.08	0.08	0.08	0.09	0.09	0.10
Revenue (%)
Operating Cash Flow	79.68	31.46	19.26	73.81	68.41	14.76	15.42	16.12	16.85	17.60
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	14.76	15.42	16.12	16.85	17.60

Weighted Average Cost Of Capital

Share price	$ 10.21
Beta	0.398
Diluted Shares Outstanding	105.98
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.570
Total Debt	-
Total Equity	1,082.10
Total Capital	1,082.10
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	43.80	63	169.96	2.84	0.08	0.08	0.08	0.09	0.09	0.10
Operating Cash Flow	79.68	31.46	19.26	73.81	68.41	14.76	15.42	16.12	16.85	17.60
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	14.76	15.42	16.12	16.85	17.60
WACC
PV LFCF						13.98	13.84	13.70	13.56	13.43
SUM PV LFCF										68.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.57
Free cash flow (t + 1)	17.96
Terminal Value	502.99
Present Value of Terminal Value	383.58

Intrinsic Value

Enterprise Value	452.08
Net Debt	-12.96
Equity Value	465.04
Shares Outstanding	105.98
Equity Value Per Share	4.39