Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock Taxable Municipal Bond Tr... (BBN)

$19.36

-0.33 (-1.68%)
All numbers are in Millions, Currency in USD
Stock DCF: -234,467,381.13 | 19.36 | overvalue

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 1.2066.58155.30144.09113.621,686.1725,023.37371,354.775,511,023.3781,785,346.45
Revenue (%)
EBITDA 8.4080.94175.54158.31117.743,863.6457,337.64850,908.9412,627,760.39187,399,996.14
EBITDA (%)
EBIT -----3,863.6457,337.64850,908.9412,627,760.39187,399,996.14
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 3.894.45256.46237.93187.622,784.4041,321.46613,223.609,100,434.02135,053,346.48
Total Cash (%)
Account Receivables 25.1329.9325.1821.4320.407,358.36109,200.391,620,568.5824,049,755.22356,906,046.28
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.1033.491.1915.951.04799.6911,867.68176,120.132,613,67938,787,830.83
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.36
Beta 0.240
Diluted Shares Outstanding 57.36
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.027
Total Debt 708.55
Total Equity 1,110.43
Total Capital 1,818.98
Debt Weighting 38.95
Equity Weighting 61.05
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 1.2066.58155.30144.09113.621,686.1725,023.37371,354.775,511,023.3781,785,346.45
EBITDA 8.4080.94175.54158.31117.743,863.6457,337.64850,908.9412,627,760.39187,399,996.14
EBIT -----3,863.6457,337.64850,908.9412,627,760.39187,399,996.14
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----3,863.6457,337.64850,908.9412,627,760.39187,399,996.14
Depreciation ----------
Accounts Receivable --4.804.753.751.03-7,337.96-101,842.03-1,511,368.20-22,429,186.63-332,856,291.06
Inventories ----------
Accounts Payable -31.39-32.2914.76-14.91798.6511,067.99164,252.452,437,558.8636,174,151.83
Capital Expenditure ----------
UFCF ------2,675.67-33,436.40-496,206.80-7,363,867.38-109,282,143.10
WACC
PV UFCF -2,604.56-31,682.90-457,689.39-6,611,755.82-95,513,060.80
SUM PV UFCF -102,616,793.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.73
Free cash flow (t + 1) -111,467,785.96
Terminal Value -15,269,559,720.29
Present Value of Terminal Value -13,345,660,550.75

Intrinsic Value

Enterprise Value -13,448,277,344.23
Net Debt 708.55
Equity Value -13,448,278,052.77
Shares Outstanding 57.36
Equity Value Per Share -234,467,381.13