Discounted Cash Flow (DCF) Analysis Unlevered

Eaton Vance New York Municipal Bond... (ENX)

$9.91

+0.03 (+0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -Infinity | 9.91 | 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 22.364.759.88-53.083.02-2.371.86-1.461.14-0.90
Revenue (%)
EBITDA 22.084.499.63-51.902.76-2.271.78-1.401.10-0.86
EBITDA (%)
EBIT ------2.271.78-1.401.10-0.86
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 -0.160.33-1.800.10-0.080.06-0.050.04-0.03
Total Cash (%)
Account Receivables 4.754.664.9917.2519.23-3.672.88-2.261.77-1.39
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.900.370.226.383.87-0.620.48-0.380.30-0.23
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.91
Beta 0.539
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.829
Total Debt 86.24
Total Equity -
Total Capital 86.24
Debt Weighting 100.00
Equity Weighting 0.00
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 22.364.759.88-53.083.02-2.371.86-1.461.14-0.90
EBITDA 22.084.499.63-51.902.76-2.271.78-1.401.10-0.86
EBIT ------2.271.78-1.401.10-0.86
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------2.271.78-1.401.10-0.86
Depreciation ----------
Accounts Receivable -0.09-0.34-12.25-1.9822.90-6.545.13-4.033.16
Inventories ----------
Accounts Payable --0.53-0.156.16-2.51-4.491.10-0.860.68-0.53
Capital Expenditure ----------
UFCF -----16.13-3.662.87-2.251.77
WACC
PV UFCF 15.35-3.312.47-1.841.38
SUM PV UFCF 14.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.12
Free cash flow (t + 1) 1.80
Terminal Value 57.78
Present Value of Terminal Value 45.02

Intrinsic Value

Enterprise Value 59.06
Net Debt 86.24
Equity Value -27.19
Shares Outstanding -
Equity Value Per Share -Infinity