Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Preferred and Income Fund (JPT)
$18.29
-0.29 (-1.58%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 11.56 | -1.26 | 12.21 | 0.30 | -0.97 | 3.18 | -10.38 | 33.86 | -110.53 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 11.80 | -0.42 | 13.39 | 1.02 | -1.43 | 4.66 | -15.21 | 49.64 | -162.01 |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | -1.43 | 4.66 | -15.21 | 49.64 | -162.01 |
| 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 | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 2.08 | 2.06 | 2.91 | 1.95 | -1.30 | 4.23 | -13.80 | 45.04 | -147 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 0.87 | 3.02 | 0.88 | 1.55 | -0.72 | 2.35 | -7.66 | 25 | -81.59 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 18.29 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 6.82 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 2.34% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.599 |
| Total Debt | 37.30 |
| Total Equity | 124.72 |
| Total Capital | 162.02 |
| Debt Weighting | 23.02 |
| Equity Weighting | 76.98 |
| 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 | 11.56 | -1.26 | 12.21 | 0.30 | -0.97 | 3.18 | -10.38 | 33.86 | -110.53 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 11.80 | -0.42 | 13.39 | 1.02 | -1.43 | 4.66 | -15.21 | 49.64 | -162.01 |
| EBIT | - | - | - | - | -1.43 | 4.66 | -15.21 | 49.64 | -162.01 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | -1.43 | 4.66 | -15.21 | 49.64 | -162.01 |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.02 | -0.85 | 0.95 | 3.25 | -5.52 | 18.03 | -58.84 | 192.04 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.14 | -2.14 | 0.67 | -2.27 | 3.07 | -10.01 | 32.66 | -106.59 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | -0.45 | 2.20 | -7.19 | 23.46 | -76.57 |
| WACC | |||||||||
| PV UFCF | -0.45 | 2.13 | -6.73 | 21.28 | -67.22 | ||||
| SUM PV UFCF | -49.36 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.31 |
| Free cash flow (t + 1) | -78.10 |
| Terminal Value | -5,961.64 |
| Present Value of Terminal Value | -5,065.87 |
Intrinsic Value
| Enterprise Value | -5,115.23 |
|---|---|
| Net Debt | 37.30 |
| Equity Value | -5,152.53 |
| Shares Outstanding | 6.82 |
| Equity Value Per Share | -755.62 |