Discounted Cash Flow (DCF) Analysis Unlevered
DTF Tax-Free Income 2028 Term Fund ... (DTF)
$10.85
+0.04 (+0.37%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 1.66 | -3.28 | 14.88 | 5.05 | -10.39 | 21.37 | -43.96 | 90.41 | -185.96 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 2.59 | -2.04 | 16.54 | 5.87 | -11.56 | 23.78 | -48.91 | 100.60 | -206.92 |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | -11.56 | 23.78 | -48.91 | 100.60 | -206.92 |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 0.52 | 2.13 | 1.09 | 1.62 | -0.15 | 0.30 | -0.61 | 1.26 | -2.60 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 2.62 | 3.65 | 2.67 | 2.56 | -2.99 | 6.14 | -12.64 | 25.99 | -53.46 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 0.31 | 2.71 | 1.01 | 1.45 | 0.73 | -1.51 | 3.11 | -6.39 | 13.14 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.85 |
|---|---|
| Beta | 0.316 |
| Diluted Shares Outstanding | 8.53 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.186 |
| Total Debt | - |
| Total Equity | 92.57 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 1.66 | -3.28 | 14.88 | 5.05 | -10.39 | 21.37 | -43.96 | 90.41 | -185.96 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.59 | -2.04 | 16.54 | 5.87 | -11.56 | 23.78 | -48.91 | 100.60 | -206.92 |
| EBIT | - | - | - | - | -11.56 | 23.78 | -48.91 | 100.60 | -206.92 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | -11.56 | 23.78 | -48.91 | 100.60 | -206.92 |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -1.03 | 0.98 | 0.10 | 5.55 | -9.13 | 18.78 | -38.63 | 79.45 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.40 | -1.70 | 0.44 | -0.72 | -2.24 | 4.61 | -9.49 | 19.52 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | -6.73 | 12.41 | -25.52 | 52.48 | -107.95 |
| WACC | |||||||||
| PV UFCF | -6.73 | - | - | - | - | ||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -110.11 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -1.62 |
| Equity Value | - |
| Shares Outstanding | 8.53 |
| Equity Value Per Share | - |