Discounted Cash Flow (DCF) Analysis Levered

Invesco Advantage Municipal Income ... (VKI)

$8.56

-0.01 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 456,669.00 | 8.56 | 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 15.8664.636.29-2.36-63.51-488-3,749.82-28,813.74-221,405.94-1,701,292.37
Revenue (%)
Operating Cash Flow 47.5714.5543.8433.6287.71531.374,083.0431,374.21241,080.711,852,474.09
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----531.374,083.0431,374.21241,080.711,852,474.09

Weighted Average Cost Of Capital

Share price $ 8.56
Beta 0.514
Diluted Shares Outstanding 44.41
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 11.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.636
Total Debt 68.29
Total Equity 380.12
Total Capital 448.41
Debt Weighting 15.23
Equity Weighting 84.77
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 15.8664.636.29-2.36-63.51-488-3,749.82-28,813.74-221,405.94-1,701,292.37
Operating Cash Flow 47.5714.5543.8433.6287.71531.374,083.0431,374.21241,080.711,852,474.09
Capital Expenditure ----------
Free Cash Flow -----531.374,083.0431,374.21241,080.711,852,474.09
WACC
PV LFCF 494.623,537.7925,304.40180,992.331,294,566.20
SUM PV LFCF 1,504,895.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.43
Free cash flow (t + 1) 1,861,736.46
Terminal Value 26,864,884.03
Present Value of Terminal Value 18,774,012.01

Intrinsic Value

Enterprise Value 20,278,907.35
Net Debt 54.48
Equity Value 20,278,852.87
Shares Outstanding 44.41
Equity Value Per Share 456,669.00