Discounted Cash Flow (DCF) Analysis Unlevered
AllianceBernstein National Municipa... (AFB)
$12.07
-0.08 (-0.66%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 26.46 | 26 | 26.18 | 8.97 | 28.08 | 38.36 | 52.38 | 71.54 | 97.70 | 133.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -4.13 | -43.31 | 93.69 | 13.01 | 30.39 | 32.90 | 44.93 | 61.37 | 83.81 | 114.46 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 32.90 | 44.93 | 61.37 | 83.81 | 114.46 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | - | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 9.72 | 9.57 | 9.70 | 9.67 | 9.56 | 19.36 | 26.44 | 36.12 | 49.32 | 67.36 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 175.56 | 173.52 | 258.96 | 5.44 | 2.44 | 183.27 | 250.29 | 341.83 | 466.85 | 637.59 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.07 |
|---|---|
| Beta | 0.262 |
| Diluted Shares Outstanding | 28.32 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 10.58% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.078 |
| Total Debt | 26.09 |
| Total Equity | 341.85 |
| Total Capital | 367.94 |
| Debt Weighting | 7.09 |
| Equity Weighting | 92.91 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 26.46 | 26 | 26.18 | 8.97 | 28.08 | 38.36 | 52.38 | 71.54 | 97.70 | 133.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -4.13 | -43.31 | 93.69 | 13.01 | 30.39 | 32.90 | 44.93 | 61.37 | 83.81 | 114.46 |
| EBIT | - | - | - | - | - | 32.90 | 44.93 | 61.37 | 83.81 | 114.46 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 32.90 | 44.93 | 61.37 | 83.81 | 114.46 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.15 | -0.13 | 0.03 | 0.11 | -9.80 | -7.08 | -9.67 | -13.21 | -18.04 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -2.04 | 85.45 | -253.53 | -3 | 180.83 | 67.03 | 91.54 | 125.02 | 170.74 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 203.93 | 104.88 | 143.23 | 195.62 | 267.16 |
| WACC | ||||||||||
| PV UFCF | 195.07 | 95.97 | 125.37 | 163.79 | 213.97 | |||||
| SUM PV UFCF | 794.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.54 |
| Free cash flow (t + 1) | 272.50 |
| Terminal Value | 10,728.52 |
| Present Value of Terminal Value | 8,592.66 |
Intrinsic Value
| Enterprise Value | 9,386.83 |
|---|---|
| Net Debt | 26.09 |
| Equity Value | 9,360.74 |
| Shares Outstanding | 28.32 |
| Equity Value Per Share | 330.51 |