Discounted Cash Flow (DCF) Analysis Unlevered

DWS Municipal Income Trust (KTF)

$8.92

-0.06 (-0.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -6,260.68 | 8.92 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 32.42-3.7153.7922.9222.23-73.39242.30-8002,641.39-8,721.11
Revenue (%)
EBITDA 37.152.0860.0227.8525.17-59.45196.28-648.062,139.70-7,064.69
EBITDA (%)
EBIT ------59.45196.28-648.062,139.70-7,064.69
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash -0.040.100.02-0.050.18-0.591.96-6.4821.41
Total Cash (%)
Account Receivables 9.989.449.929.499.3517.84-58.90194.48-642.112,120.05
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.320.430.340.150.610.98-3.2210.64-35.13115.98
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.92
Beta 0.311
Diluted Shares Outstanding 39.85
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 6.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.995
Total Debt 52.70
Total Equity 355.49
Total Capital 408.19
Debt Weighting 12.91
Equity Weighting 87.09
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 32.42-3.7153.7922.9222.23-73.39242.30-8002,641.39-8,721.11
EBITDA 37.152.0860.0227.8525.17-59.45196.28-648.062,139.70-7,064.69
EBIT ------59.45196.28-648.062,139.70-7,064.69
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------59.45196.28-648.062,139.70-7,064.69
Depreciation ----------
Accounts Receivable -0.54-0.480.430.14-8.4976.74-253.38836.58-2,762.16
Inventories ----------
Accounts Payable -0.12-0.09-0.190.460.36-4.2013.86-45.77151.11
Capital Expenditure ----------
UFCF ------67.57268.82-887.582,930.52-9,675.74
WACC
PV UFCF -64.26243.13-763.442,397.22-7,527.28
SUM PV UFCF -5,714.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.15
Free cash flow (t + 1) -9,869.26
Terminal Value -313,309.78
Present Value of Terminal Value -243,740.42

Intrinsic Value

Enterprise Value -249,455.05
Net Debt 52.70
Equity Value -249,507.75
Shares Outstanding 39.85
Equity Value Per Share -6,260.68