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
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 | -3.71 | 53.79 | 22.92 | 22.23 | -73.39 | 242.30 | -800 | 2,641.39 | -8,721.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 37.15 | 2.08 | 60.02 | 27.85 | 25.17 | -59.45 | 196.28 | -648.06 | 2,139.70 | -7,064.69 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -59.45 | 196.28 | -648.06 | 2,139.70 | -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 | - | 0.04 | 0.10 | 0.02 | -0.05 | 0.18 | -0.59 | 1.96 | -6.48 | 21.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 9.98 | 9.44 | 9.92 | 9.49 | 9.35 | 17.84 | -58.90 | 194.48 | -642.11 | 2,120.05 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.32 | 0.43 | 0.34 | 0.15 | 0.61 | 0.98 | -3.22 | 10.64 | -35.13 | 115.98 |
| 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 | -3.71 | 53.79 | 22.92 | 22.23 | -73.39 | 242.30 | -800 | 2,641.39 | -8,721.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 37.15 | 2.08 | 60.02 | 27.85 | 25.17 | -59.45 | 196.28 | -648.06 | 2,139.70 | -7,064.69 |
| EBIT | - | - | - | - | - | -59.45 | 196.28 | -648.06 | 2,139.70 | -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 | - | - | - | - | - | -59.45 | 196.28 | -648.06 | 2,139.70 | -7,064.69 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.54 | -0.48 | 0.43 | 0.14 | -8.49 | 76.74 | -253.38 | 836.58 | -2,762.16 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.12 | -0.09 | -0.19 | 0.46 | 0.36 | -4.20 | 13.86 | -45.77 | 151.11 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -67.57 | 268.82 | -887.58 | 2,930.52 | -9,675.74 |
| WACC | ||||||||||
| PV UFCF | -64.26 | 243.13 | -763.44 | 2,397.22 | -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 |