Discounted Cash Flow (DCF) Analysis Unlevered
BNY Mellon Strategic Municipals, In... (LEO)
$6.08
-0.04 (-0.65%)
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 | 40.09 | 37.48 | 7.89 | 47.29 | -111.22 | -133.16 | -159.42 | -190.86 | -228.51 | -273.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -20.80 | 78.28 | 11.76 | 48.73 | -108.95 | -135.05 | -161.69 | -193.58 | -231.76 | -277.47 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -135.05 | -161.69 | -193.58 | -231.76 | -277.47 |
| 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 | 0.04 | 0.57 | 0.53 | 0.80 | 4.17 | -1.68 | -2.01 | -2.41 | -2.88 | -3.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | 11.01 | 10.07 | 9.69 | -67.54 | -80.86 | -96.80 | -115.90 | -138.76 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | 0 | 2.02 | 2.92 | -0.74 | -0.88 | -1.06 | -1.27 | -1.52 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.08 |
|---|---|
| Beta | 0.465 |
| Diluted Shares Outstanding | 61.35 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.964 |
| Total Debt | 174.78 |
| Total Equity | 372.99 |
| Total Capital | 547.77 |
| Debt Weighting | 31.91 |
| Equity Weighting | 68.09 |
| 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 | 40.09 | 37.48 | 7.89 | 47.29 | -111.22 | -133.16 | -159.42 | -190.86 | -228.51 | -273.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -20.80 | 78.28 | 11.76 | 48.73 | -108.95 | -135.05 | -161.69 | -193.58 | -231.76 | -277.47 |
| EBIT | - | - | - | - | - | -135.05 | -161.69 | -193.58 | -231.76 | -277.47 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -135.05 | -161.69 | -193.58 | -231.76 | -277.47 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | 0.94 | 0.37 | 77.23 | 13.32 | 15.95 | 19.09 | 22.86 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | 2.01 | 0.90 | -3.65 | -0.15 | -0.17 | -0.21 | -0.25 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -61.48 | -148.51 | -177.81 | -212.88 | -254.86 |
| WACC | ||||||||||
| PV UFCF | -58.84 | -136.05 | -155.90 | -178.65 | -204.71 | |||||
| SUM PV UFCF | -734.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.48 |
| Free cash flow (t + 1) | -259.96 |
| Terminal Value | -10,482.21 |
| Present Value of Terminal Value | -8,419.51 |
Intrinsic Value
| Enterprise Value | -9,153.66 |
|---|---|
| Net Debt | 170.61 |
| Equity Value | -9,324.26 |
| Shares Outstanding | 61.35 |
| Equity Value Per Share | -151.99 |