Discounted Cash Flow (DCF) Analysis Levered

Invesco California Value Municipal ... (VCV)

$9.81

+0.03 (+0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,896,534,830,381,999,104.00 | 9.81 | 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 20.5078.804.600.02-72.2676,966.77-81,974,574.3787,308,213,858.90-92,988,884,249,670.0699,039,164,951,572,128
Revenue (%)
Operating Cash Flow 67.6742.5527.823.5844.303,396,120.75-3,617,087,844.433,852,432,068,190.87-4,103,088,859,974,5244,370,054,525,258,128,384
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----3,396,120.75-3,617,087,844.433,852,432,068,190.87-4,103,088,859,974,5244,370,054,525,258,128,384

Weighted Average Cost Of Capital

Share price $ 9.81
Beta 0.617
Diluted Shares Outstanding 47.89
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 6.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.197
Total Debt 147.44
Total Equity 469.81
Total Capital 617.24
Debt Weighting 23.89
Equity Weighting 76.11
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 20.5078.804.600.02-72.2676,966.77-81,974,574.3787,308,213,858.90-92,988,884,249,670.0699,039,164,951,572,128
Operating Cash Flow 67.6742.5527.823.5844.303,396,120.75-3,617,087,844.433,852,432,068,190.87-4,103,088,859,974,5244,370,054,525,258,128,384
Capital Expenditure ----------
Free Cash Flow -----3,396,120.75-3,617,087,844.433,852,432,068,190.87-4,103,088,859,974,5244,370,054,525,258,128,384
WACC
PV LFCF 3,169,501.40-3,150,465,335.103,131,543,603,632.80-3,112,735,516,304,8213,094,040,390,568,218,624
SUM PV LFCF 3,090,930,783,448,221,696

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.15
Free cash flow (t + 1) 4,523,006,433,642,162,688
Terminal Value 123,917,984,483,346,923,520
Present Value of Terminal Value 87,735,117,924,331,667,456

Intrinsic Value

Enterprise Value 90,826,048,707,779,887,104
Net Debt 147.44
Equity Value 90,826,048,707,779,887,104
Shares Outstanding 47.89
Equity Value Per Share 1,896,534,830,381,999,104.00