Discounted Cash Flow (DCF) Analysis Levered
Invesco California Value Municipal ... (VCV)
$9.37
+0.01 (+0.00%)
All numbers are in Millions, Currency in USD
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 | 20.50 | 78.80 | 4.60 | 0.02 | -72.26 | 76,966.77 | -81,974,574.37 | 87,308,213,858.90 | -92,988,884,249,670.06 | 99,039,164,951,572,128 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 67.67 | 42.55 | 27.82 | 3.58 | 44.30 | 3,396,120.75 | -3,617,087,844.43 | 3,852,432,068,190.87 | -4,103,088,859,974,524 | 4,370,054,525,258,128,384 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | 3,396,120.75 | -3,617,087,844.43 | 3,852,432,068,190.87 | -4,103,088,859,974,524 | 4,370,054,525,258,128,384 |
Weighted Average Cost Of Capital
| Share price | $ 9.37 |
|---|---|
| Beta | 0.530 |
| 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 | 6.800 |
| Total Debt | 147.44 |
| Total Equity | 448.73 |
| Total Capital | 596.17 |
| Debt Weighting | 24.73 |
| Equity Weighting | 75.27 |
| 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 | 20.50 | 78.80 | 4.60 | 0.02 | -72.26 | 76,966.77 | -81,974,574.37 | 87,308,213,858.90 | -92,988,884,249,670.06 | 99,039,164,951,572,128 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 67.67 | 42.55 | 27.82 | 3.58 | 44.30 | 3,396,120.75 | -3,617,087,844.43 | 3,852,432,068,190.87 | -4,103,088,859,974,524 | 4,370,054,525,258,128,384 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | 3,396,120.75 | -3,617,087,844.43 | 3,852,432,068,190.87 | -4,103,088,859,974,524 | 4,370,054,525,258,128,384 |
| WACC | ||||||||||
| PV LFCF | 3,178,400.33 | -3,168,181,131.50 | 3,157,994,794,724.64 | -3,147,841,209,062,646.50 | 3,137,720,269,211,839,488 | |||||
| SUM PV LFCF | 3,134,575,582,832,568,832 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.85 |
| Free cash flow (t + 1) | 4,457,455,615,763,291,136 |
| Terminal Value | 91,906,301,355,944,165,376 |
| Present Value of Terminal Value | 65,989,168,548,372,717,568 |
Intrinsic Value
| Enterprise Value | 69,123,744,131,205,283,840 |
|---|---|
| Net Debt | 147.44 |
| Equity Value | 69,123,744,131,205,283,840 |
| Shares Outstanding | 47.89 |
| Equity Value Per Share | 1,443,369,938,650,814,208.00 |