Discounted Cash Flow (DCF) Analysis Unlevered

AllianceBernstein National Municipa... (AFB)

$12.07

-0.08 (-0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 330.51 | 12.07 | undervalue

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 26.462626.188.9728.0838.3652.3871.5497.70133.44
Revenue (%)
EBITDA -4.13-43.3193.6913.0130.3932.9044.9361.3783.81114.46
EBITDA (%)
EBIT -----32.9044.9361.3783.81114.46
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 9.729.579.709.679.5619.3626.4436.1249.3267.36
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 175.56173.52258.965.442.44183.27250.29341.83466.85637.59
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 26.462626.188.9728.0838.3652.3871.5497.70133.44
EBITDA -4.13-43.3193.6913.0130.3932.9044.9361.3783.81114.46
EBIT -----32.9044.9361.3783.81114.46
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----32.9044.9361.3783.81114.46
Depreciation ----------
Accounts Receivable -0.15-0.130.030.11-9.80-7.08-9.67-13.21-18.04
Inventories ----------
Accounts Payable --2.0485.45-253.53-3180.8367.0391.54125.02170.74
Capital Expenditure ----------
UFCF -----203.93104.88143.23195.62267.16
WACC
PV UFCF 195.0795.97125.37163.79213.97
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