Discounted Cash Flow (DCF) Analysis Unlevered
MFS High Yield Municipal Trust (CMU)
$3.16
+0.03 (+0.96%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.95 | 10.29 | 0.79 | 10.51 | -27.48 | -80.83 | -237.77 | -699.45 | -2,057.57 | -6,052.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.47 | 19.96 | 1.86 | 11.08 | -26.26 | -101.46 | -298.45 | -877.97 | -2,582.72 | -7,597.59 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -101.46 | -298.45 | -877.97 | -2,582.72 | -7,597.59 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | - | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.17 | 4.18 | 3.97 | 5.91 | 3.01 | -101.58 | -298.82 | -879.05 | -2,585.91 | -7,606.99 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.62 | 0.35 | 0.87 | 7.83 | 0.70 | -32.38 | -95.25 | -280.19 | -824.22 | -2,424.62 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.16 |
|---|---|
| Beta | 0.496 |
| Diluted Shares Outstanding | 28.33 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.948 |
| Total Debt | - |
| Total Equity | 89.51 |
| Total Capital | 89.51 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 10.95 | 10.29 | 0.79 | 10.51 | -27.48 | -80.83 | -237.77 | -699.45 | -2,057.57 | -6,052.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.47 | 19.96 | 1.86 | 11.08 | -26.26 | -101.46 | -298.45 | -877.97 | -2,582.72 | -7,597.59 |
| EBIT | - | - | - | - | - | -101.46 | -298.45 | -877.97 | -2,582.72 | -7,597.59 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -101.46 | -298.45 | -877.97 | -2,582.72 | -7,597.59 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.01 | 0.22 | -1.94 | 2.90 | 104.59 | 197.24 | 580.23 | 1,706.86 | 5,021.08 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.27 | 0.52 | 6.97 | -7.13 | -33.08 | -62.87 | -184.94 | -544.04 | -1,600.40 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -29.95 | -164.08 | -482.68 | -1,419.89 | -4,176.90 |
| WACC | ||||||||||
| PV UFCF | -28.26 | -146.17 | -405.84 | -1,126.81 | -3,128.59 | |||||
| SUM PV UFCF | -4,835.68 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.95 |
| Free cash flow (t + 1) | -4,260.44 |
| Terminal Value | -107,859.20 |
| Present Value of Terminal Value | -80,789.03 |
Intrinsic Value
| Enterprise Value | -85,624.71 |
|---|---|
| Net Debt | - |
| Equity Value | -85,624.71 |
| Shares Outstanding | 28.33 |
| Equity Value Per Share | -3,022.90 |