Discounted Cash Flow (DCF) Analysis Unlevered

DWS Strategic Municipal Income Trus... (KSM)

$8.26

+0.01 (+0.12%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.1,629,525,258,130,913e+24 | 8.26 | undervalue

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	-0	17.53	4.90	9.19	-30.13	312,191.58	-3,234,925,526.77	33,520,261,139,637.47	-347,336,560,787,156,608	3.599,097,452,041,955e+21
Revenue (%)
EBITDA	1.90	19.69	6.33	10.10	-28.55	-280,271,907.10	2,904,174,281,076.21	-30,093,020,532,071,924	311,823,532,989,940,039,680	-3.2,311,118,660,454,933e+24
EBITDA (%)
EBIT	-	-	-	-	-	-280,271,907.10	2,904,174,281,076.21	-30,093,020,532,071,924	311,823,532,989,940,039,680	-3.2,311,118,660,454,933e+24
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	0.02	0.06	0	-175.59	575.65	-5,964,913.31	61,808,363,209.45	-640,457,549,409,361.50	6,636,413,768,237,843,456	-6.8,766,443,215,280,895e+22
Total Cash (%)
Account Receivables	3.61	3.65	3.13	3	3.91	-532,251,193.08	5,515,180,747,192.70	-57,148,239,533,976,712	592,169,401,428,081,115,136	-6.136,052,533,677,945e+24
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	0.15	0.41	0.16	1.27	3.53	-22,483,000.64	232,968,594,317.54	-2,414,017,897,551,132.50	25,014,025,717,793,710,080	-2.5,919,504,708,112,553e+23
Accounts Payable (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 8.26
Beta	0.476
Diluted Shares Outstanding	11.27
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	47.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.938
Total Debt	3.75
Total Equity	93.07
Total Capital	96.82
Debt Weighting	3.87
Equity Weighting	96.13
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	-0	17.53	4.90	9.19	-30.13	312,191.58	-3,234,925,526.77	33,520,261,139,637.47	-347,336,560,787,156,608	3.599,097,452,041,955e+21
EBITDA	1.90	19.69	6.33	10.10	-28.55	-280,271,907.10	2,904,174,281,076.21	-30,093,020,532,071,924	311,823,532,989,940,039,680	-3.2,311,118,660,454,933e+24
EBIT	-	-	-	-	-	-280,271,907.10	2,904,174,281,076.21	-30,093,020,532,071,924	311,823,532,989,940,039,680	-3.2,311,118,660,454,933e+24
Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIAT	-	-	-	-	-	-280,271,907.10	2,904,174,281,076.21	-30,093,020,532,071,924	311,823,532,989,940,039,680	-3.2,311,118,660,454,933e+24
Depreciation	-	-	-	-	-	-	-	-	-	-
Accounts Receivable	-	-0.04	0.52	0.14	-0.92	532,251,196.99	-5,515,712,998,385.78	57,153,754,714,723,904	-592,226,549,667,615,080,448	6.136,644,703,079,374e+24
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	0.25	-0.24	1.10	2.26	-22,483,004.17	232,991,077,318.18	-2,414,250,866,145,450	25,016,439,735,691,264,000	-2.5,922,006,110,684,333e+23
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
UFCF	-	-	-	-	-	229,496,285.72	-2,378,547,639,991.39	24,646,483,316,506,532	-255,386,576,941,983,793,152	2.6,463,127,759,270,365e+24
WACC
PV UFCF						213,385,667.80	-2,056,321,540,512.67	19,811,790,028,849,760	-190,878,233,979,581,562,880	1.8,390,312,109,157,362e+24
SUM PV UFCF										1.8,388,403,524,914,905e+24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.55
Free cash flow (t + 1)	2.699,239,031,445,577e+24
Terminal Value	4.863,493,750,352,392e+25
Present Value of Terminal Value	3.379,841,144,385,678e+25

Intrinsic Value

Enterprise Value	3.5,637,251,796,348,264e+25
Net Debt	3.75
Equity Value	3.5,637,251,796,348,264e+25
Shares Outstanding	11.27
Equity Value Per Share	3.1,629,525,258,130,913e+24