Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock New York Municipal Income... (BNY)

$10.61

+0.03 (+0.28%)
All numbers are in Millions, Currency in USD
Stock DCF: -13.92 | 10.61 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 12.6512.4415.1620.1619.5922.0524.8327.9631.4735.44
Revenue (%)
EBITDA 3.86-2.954.99-69.79-18.06-17.58-19.80-22.29-25.10-28.26
EBITDA (%)
EBIT ------17.58-19.80-22.29-25.10-28.26
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 0.010.010.010.020.020.020.020.030.030.03
Total Cash (%)
Account Receivables 3.243.235.765.514.776.237.017.908.8910.01
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.840.691.403.242.984.424.975.606.317.10
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.61
Beta 0.517
Diluted Shares Outstanding 24.32
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 16,364.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.725
Total Debt 0.04
Total Equity 258.02
Total Capital 258.06
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 12.6512.4415.1620.1619.5922.0524.8327.9631.4735.44
EBITDA 3.86-2.954.99-69.79-18.06-17.58-19.80-22.29-25.10-28.26
EBIT ------17.58-19.80-22.29-25.10-28.26
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------17.58-19.80-22.29-25.10-28.26
Depreciation ----------
Accounts Receivable -0.01-2.530.240.75-1.46-0.78-0.88-0.99-1.12
Inventories ----------
Accounts Payable --6.140.711.84-0.271.440.560.630.710.79
Capital Expenditure ----------
UFCF ------17.60-20.03-22.55-25.39-28.58
WACC
PV UFCF -16.09-16.74-17.23-17.74-18.26
SUM PV UFCF -86.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.38
Free cash flow (t + 1) -29.15
Terminal Value -395.03
Present Value of Terminal Value -252.32

Intrinsic Value

Enterprise Value -338.37
Net Debt 0.04
Equity Value -338.41
Shares Outstanding 24.32
Equity Value Per Share -13.92