Discounted Cash Flow (DCF) Analysis Unlevered

Nuveen Mortgage and Income Fund (JLS)

$16.12

-0.24 (-1.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.21 | 16.12 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 47.986.8817.651.020.940.870.800.740.68
Revenue (%)
EBITDA 51.4311.2621.462.801.571.451.341.231.14
EBITDA (%)
EBIT ----1.571.451.341.231.14
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 -00.02000000
Total Cash (%)
Account Receivables 1.731.561.650.600.220.210.190.180.16
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 0.350.411.6910.442.442.252.081.921.77
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.12
Beta 0.566
Diluted Shares Outstanding 5.63
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.369
Total Debt 41.07
Total Equity 90.77
Total Capital 131.84
Debt Weighting 31.15
Equity Weighting 68.85
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 47.986.8817.651.020.940.870.800.740.68
EBITDA 51.4311.2621.462.801.571.451.341.231.14
EBIT ----1.571.451.341.231.14
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----1.571.451.341.231.14
Depreciation ---------
Accounts Receivable -0.17-0.081.040.380.020.020.010.01
Inventories ---------
Accounts Payable -0.061.278.75-7.99-0.19-0.18-0.16-0.15
Capital Expenditure ---------
UFCF -----6.041.281.181.091
WACC
PV UFCF -6.041.211.060.930.82
SUM PV UFCF -1.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.19
Free cash flow (t + 1) 1.02
Terminal Value 32.05
Present Value of Terminal Value 24.88

Intrinsic Value

Enterprise Value 22.98
Net Debt 41.07
Equity Value -18.10
Shares Outstanding 5.63
Equity Value Per Share -3.21