Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock Municipal Income Quality ... (BYM)

$11.355

-0.07 (-0.66%)
All numbers are in Millions, Currency in USD
Stock DCF: -7.09 | 11.355 | 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 43.9011.5228.4617.189.809.579.359.138.918.71
Revenue (%)
EBITDA 43.5811.2228.15-47.76-1.460.050.050.050.050.05
EBITDA (%)
EBIT -----0.050.050.050.050.05
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 0.130.470.010.250.140.140.140.130.130.13
Total Cash (%)
Account Receivables 7.866.779.7713.684.854.604.494.384.284.18
Account Receivables (%)
Inventories 8.962.355.813.5121.951.911.861.821.78
Inventories (%)
Accounts Payable 1.7524.401.255.871.991.941.901.851.81
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.355
Beta 0.559
Diluted Shares Outstanding 26.23
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.965
Total Debt 177.45
Total Equity 297.85
Total Capital 475.30
Debt Weighting 37.33
Equity Weighting 62.67
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 43.9011.5228.4617.189.809.579.359.138.918.71
EBITDA 43.5811.2228.15-47.76-1.460.050.050.050.050.05
EBIT -----0.050.050.050.050.05
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----0.050.050.050.050.05
Depreciation ----------
Accounts Receivable -1.09-3-3.918.830.250.110.110.100.10
Inventories -6.61-3.462.301.510.050.050.040.040.04
Accounts Payable -0.252.40-3.154.62-3.88-0.05-0.05-0.04-0.04
Capital Expenditure ----------
UFCF ------3.530.160.150.150.15
WACC
PV UFCF -3.330.140.130.120.11
SUM PV UFCF -2.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.98
Free cash flow (t + 1) 0.15
Terminal Value 2.69
Present Value of Terminal Value 2.01

Intrinsic Value

Enterprise Value -0.82
Net Debt 185.10
Equity Value -185.91
Shares Outstanding 26.23
Equity Value Per Share -7.09