Discounted Cash Flow (DCF) Analysis Levered

Invesco Advantage Municipal Income ... (VKI)

$8.32

+0.13 (+1.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.73 | 8.32 | 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 41.3937.7136.296.29-2.36-0.99-0.41-0.17-0.07-0.03
Revenue (%)
Operating Cash Flow 54.4047.5714.5543.8433.620.850.360.150.060.03
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----0.850.360.150.060.03

Weighted Average Cost Of Capital

Share price $ 8.32
Beta 0.352
Diluted Shares Outstanding 43.19
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.276
Total Debt 123.27
Total Equity 359.37
Total Capital 482.64
Debt Weighting 25.54
Equity Weighting 74.46
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 41.3937.7136.296.29-2.36-0.99-0.41-0.17-0.07-0.03
Operating Cash Flow 54.4047.5714.5543.8433.620.850.360.150.060.03
Capital Expenditure ----------
Free Cash Flow -----0.850.360.150.060.03
WACC
PV LFCF 0.810.320.130.050.02
SUM PV LFCF 1.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.68
Free cash flow (t + 1) 0.03
Terminal Value 0.99
Present Value of Terminal Value 0.78

Intrinsic Value

Enterprise Value 2.12
Net Debt 120.17
Equity Value -118.05
Shares Outstanding 43.19
Equity Value Per Share -2.73