Discounted Cash Flow (DCF) Analysis Unlevered

Pioneer Municipal High Income Advan... (MAV)

$7.92

-0.13 (-1.61%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.04 | 7.92 | overvalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 19.2423.40-20.33-3.53-0.61-0.11-0.02-0
Revenue (%)
EBITDA 17.4124.53-19.64-3.44-0.60-0.10-0.02-0
EBITDA (%)
EBIT ----3.44-0.60-0.10-0.02-0
EBIT (%)
Depreciation --------
Depreciation (%)

Balance Sheet Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 12.3415.01-13.04-2.27-0.39-0.07-0.01-0
Total Cash (%)
Account Receivables 5.305.245.27-0.28-0.05-0.01-0-0
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 0.1402.010.110.02000
Accounts Payable (%)
Capital Expenditure --------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.92
Beta 0.324
Diluted Shares Outstanding 23.88
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.226
Total Debt -
Total Equity 189.12
Total Capital 189.12
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 19.2423.40-20.33-3.53-0.61-0.11-0.02-0
EBITDA 17.4124.53-19.64-3.44-0.60-0.10-0.02-0
EBIT ----3.44-0.60-0.10-0.02-0
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----3.44-0.60-0.10-0.02-0
Depreciation --------
Accounts Receivable -0.06-0.035.55-0.23-0.04-0.01-0
Inventories --------
Accounts Payable --0.142.01-1.90-0.09-0.02-0-0
Capital Expenditure --------
UFCF ---0.21-0.92-0.16-0.03-0
WACC
PV UFCF 0.22-0.92-0.15-0.03-0
SUM PV UFCF -0.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.23
Free cash flow (t + 1) -0
Terminal Value -0.15
Present Value of Terminal Value -0.12

Intrinsic Value

Enterprise Value -0.91
Net Debt -
Equity Value -0.91
Shares Outstanding 23.88
Equity Value Per Share -0.04