Discounted Cash Flow (DCF) Analysis Unlevered

Guggenheim Taxable Municipal Bond &... (GBAB)

$16.26

+0.02 (+0.12%)
All numbers are in Millions, Currency in USD
Stock DCF: -7.45 | 16.26 | overvalue

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 27.4915.3042.49-64.68-17.21-8.94-4.64-2.41-1.25-0.65
Revenue (%)
EBITDA 29.4517.3342.61-64.23-18.39-9.42-4.89-2.54-1.32-0.68
EBITDA (%)
EBIT ------9.42-4.89-2.54-1.32-0.68
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 0.050.100.640.260.21-0.01-0.01-0-0-0
Total Cash (%)
Account Receivables 8.307.6775.459.265.97-3.73-1.94-1.01-0.52-0.27
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.900.5852.300.550.12-2.56-1.33-0.69-0.36-0.19
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.26
Beta 0.000
Diluted Shares Outstanding 22.34
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.251
Total Debt 127.15
Total Equity 363.25
Total Capital 490.40
Debt Weighting 25.93
Equity Weighting 74.07
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 27.4915.3042.49-64.68-17.21-8.94-4.64-2.41-1.25-0.65
EBITDA 29.4517.3342.61-64.23-18.39-9.42-4.89-2.54-1.32-0.68
EBIT ------9.42-4.89-2.54-1.32-0.68
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------9.42-4.89-2.54-1.32-0.68
Depreciation ----------
Accounts Receivable -0.63-67.7866.193.299.71-1.80-0.93-0.48-0.25
Inventories ----------
Accounts Payable --4.3251.72-51.75-0.43-2.681.230.640.330.17
Capital Expenditure ----------
UFCF ------2.39-5.46-2.83-1.47-0.76
WACC
PV UFCF -2.30-5.02-2.50-1.24-0.62
SUM PV UFCF -11.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.28
Free cash flow (t + 1) -0.78
Terminal Value -34.18
Present Value of Terminal Value -27.72

Intrinsic Value

Enterprise Value -39.39
Net Debt 126.94
Equity Value -166.33
Shares Outstanding 22.34
Equity Value Per Share -7.45