Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock Municipal Income Trust II (BLE)

$10.52

-0.03 (-0.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,878.08 | 10.52 | 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 -13.9530.858.2137.3380.98175.71381.23827.151,794.66
Revenue (%)
EBITDA 2.328.2935.9011.4239.6855.04119.42259.11562.181,219.75
EBITDA (%)
EBIT -----55.04119.42259.11562.181,219.75
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 --0.080.020.090.200.440.962.094.54
Total Cash (%)
Account Receivables 7.246.976.436.0715.57-66.51-144.30-313.10-679.32-1,473.91
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.884.271.621.4714.11-3.12-6.78-14.70-31.90-69.21
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.52
Beta 0.441
Diluted Shares Outstanding 23.95
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.635
Total Debt -
Total Equity 251.99
Total Capital 251.99
Debt Weighting 0.00
Equity Weighting 100.00
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 -13.9530.858.2137.3380.98175.71381.23827.151,794.66
EBITDA 2.328.2935.9011.4239.6855.04119.42259.11562.181,219.75
EBIT -----55.04119.42259.11562.181,219.75
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----55.04119.42259.11562.181,219.75
Depreciation ----------
Accounts Receivable -0.270.540.36-9.5082.0877.80168.79366.22794.59
Inventories ----------
Accounts Payable -2.38-2.65-0.1512.64-17.23-3.65-7.93-17.20-37.31
Capital Expenditure ----------
UFCF -----119.89193.56419.97911.201,977.03
WACC
PV UFCF 113.49173.45356.23731.651,502.69
SUM PV UFCF 2,877.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.64
Free cash flow (t + 1) 2,016.57
Terminal Value 55,400.19
Present Value of Terminal Value 42,108.45

Intrinsic Value

Enterprise Value 44,985.96
Net Debt -0
Equity Value 44,985.97
Shares Outstanding 23.95
Equity Value Per Share 1,878.08