Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Multi-Market Income Fund (JMM)
$5.84
+0.05 (+0.86%)
All numbers are in Millions, Currency in USD
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 | 4.71 | 4.70 | -1.57 | 6.53 | -8.34 | 9.96 | -11.90 | 14.22 | -16.98 | 20.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.80 | 4.62 | -1.21 | 6.39 | -8.45 | 7.81 | -9.33 | 11.14 | -13.31 | 15.90 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 7.81 | -9.33 | 11.14 | -13.31 | 15.90 |
| 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 | - | - | 0.01 | 0 | 0.02 | -0.03 | 0.03 | -0.04 | 0.04 | -0.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2 | 0.61 | 1.77 | 0.79 | 0.60 | -1.05 | 1.25 | -1.49 | 1.78 | -2.13 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 12.66 | 10.08 | 4.26 | 4.34 | 3.31 | 4.76 | -5.68 | 6.79 | -8.11 | 9.68 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.84 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 9.58 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.53% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.637 |
| Total Debt | 24.02 |
| Total Equity | 55.94 |
| Total Capital | 79.96 |
| Debt Weighting | 30.04 |
| Equity Weighting | 69.96 |
| 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 | 4.71 | 4.70 | -1.57 | 6.53 | -8.34 | 9.96 | -11.90 | 14.22 | -16.98 | 20.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.80 | 4.62 | -1.21 | 6.39 | -8.45 | 7.81 | -9.33 | 11.14 | -13.31 | 15.90 |
| EBIT | - | - | - | - | - | 7.81 | -9.33 | 11.14 | -13.31 | 15.90 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 7.81 | -9.33 | 11.14 | -13.31 | 15.90 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 1.39 | -1.16 | 0.98 | 0.20 | 1.64 | -2.29 | 2.74 | -3.27 | 3.91 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -2.58 | -5.82 | 0.08 | -1.03 | 1.44 | -10.44 | 12.47 | -14.89 | 17.79 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 10.90 | -22.06 | 26.35 | -31.47 | 37.59 |
| WACC | ||||||||||
| PV UFCF | 10.61 | -20.92 | 24.33 | -28.29 | 32.90 | |||||
| SUM PV UFCF | 18.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.70 |
| Free cash flow (t + 1) | 38.34 |
| Terminal Value | 5,477.69 |
| Present Value of Terminal Value | 4,794.52 |
Intrinsic Value
| Enterprise Value | 4,813.15 |
|---|---|
| Net Debt | 24.02 |
| Equity Value | 4,789.13 |
| Shares Outstanding | 9.58 |
| Equity Value Per Share | 499.94 |