Discounted Cash Flow (DCF) Analysis Unlevered

Eaton Vance Municipal Bond Fund (EIM)

$10.25

+0.05 (+0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: -375.68 | 10.25 | overvalue

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 -5.96-13.85121.2547.8236.11-47.6562.87-82.95109.45-144.42
Revenue (%)
EBITDA 1.99-3.22135.9757.9739.59-31.7241.85-55.2272.87-96.14
EBITDA (%)
EBIT ------31.7241.85-55.2272.87-96.14
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 -0.18-1.58-0.62-0.470.62-0.821.08-1.431.89
Total Cash (%)
Account Receivables 19.6944.6236.8639.4441.8440.42-53.3370.37-92.84122.50
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.754.1811.6821.971.253.25-4.295.66-7.479.85
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.25
Beta 0.262
Diluted Shares Outstanding 79.91
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.749
Total Debt 667.93
Total Equity 819.12
Total Capital 1,487.04
Debt Weighting 44.92
Equity Weighting 55.08
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 -5.96-13.85121.2547.8236.11-47.6562.87-82.95109.45-144.42
EBITDA 1.99-3.22135.9757.9739.59-31.7241.85-55.2272.87-96.14
EBIT ------31.7241.85-55.2272.87-96.14
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------31.7241.85-55.2272.87-96.14
Depreciation ----------
Accounts Receivable --24.937.76-2.58-2.401.4293.75-123.69163.21-215.34
Inventories ----------
Accounts Payable -0.437.5010.29-20.722-7.549.95-13.1217.32
Capital Expenditure ----------
UFCF ------28.30128.06-168.97222.95-294.17
WACC
PV UFCF -27.51120.97-155.13198.94-255.11
SUM PV UFCF -117.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.89
Free cash flow (t + 1) -300.06
Terminal Value -33,714.09
Present Value of Terminal Value -29,237.86

Intrinsic Value

Enterprise Value -29,355.70
Net Debt 666.19
Equity Value -30,021.89
Shares Outstanding 79.91
Equity Value Per Share -375.68