Discounted Cash Flow (DCF) Analysis Unlevered

Nuveen Corporate Income 2023 Target... (JHAA)

$9.12

+0.14 (+1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.60 | 9.12 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 8.621.860.400.090.0200
Revenue (%)
EBITDA 9.242.040.430.090.0200
EBITDA (%)
EBIT --0.430.090.0200
EBIT (%)
Depreciation -------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash -------
Total Cash (%)
Account Receivables 1.073.950.450.100.0200
Account Receivables (%)
Inventories -------
Inventories (%)
Accounts Payable 1.300.280.060.01000
Accounts Payable (%)
Capital Expenditure -------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.12
Beta 0.000
Diluted Shares Outstanding 7.85
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.207
Total Debt 25.08
Total Equity 71.55
Total Capital 96.63
Debt Weighting 25.95
Equity Weighting 74.05
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 8.621.860.400.090.0200
EBITDA 9.242.040.430.090.0200
EBIT --0.430.090.0200
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT --0.430.090.0200
Depreciation -------
Accounts Receivable --2.883.500.350.080.020
Inventories -------
Accounts Payable --1.02-0.22-0.05-0.01-0-0
Capital Expenditure -------
UFCF --3.720.400.090.020
WACC
PV UFCF 3.920.410.090.020
SUM PV UFCF 4.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.74
Free cash flow (t + 1) 0
Terminal Value 0.55
Present Value of Terminal Value 0.48

Intrinsic Value

Enterprise Value 4.58
Net Debt 24.96
Equity Value -20.38
Shares Outstanding 7.85
Equity Value Per Share -2.60