Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock MuniYield California Qual... (MCA)

$12.51

-0.12 (-0.95%)
All numbers are in Millions, Currency in USD
Stock DCF: 183.60 | 12.51 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -6.618.1640.9231.2547.3771.81108.87165.04250.19
Revenue (%)
EBITDA -1.7514.6448.9434.8051.7378.42118.88180.22273.21
EBITDA (%)
EBIT ----51.7378.42118.88180.22273.21
EBIT (%)
Depreciation ---------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash --0.040.030.040.060.100.150.23
Total Cash (%)
Account Receivables 12.7621.3912.2211.0315.9424.1636.6255.5284.17
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 15.9326.6129.282.5819.5829.6844.9968.21103.40
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.51
Beta 0.189
Diluted Shares Outstanding 34.38
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5,367.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.551
Total Debt 0.10
Total Equity 430.04
Total Capital 430.14
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -6.618.1640.9231.2547.3771.81108.87165.04250.19
EBITDA -1.7514.6448.9434.8051.7378.42118.88180.22273.21
EBIT ----51.7378.42118.88180.22273.21
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----51.7378.42118.88180.22273.21
Depreciation ---------
Accounts Receivable --8.639.171.20-4.91-8.22-12.46-18.90-28.65
Inventories ---------
Accounts Payable -10.682.67-26.701710.1015.3123.2135.19
Capital Expenditure ---------
UFCF ----63.8280.30121.73184.54279.75
WACC
PV UFCF 63.8275.92108.81155.96223.52
SUM PV UFCF 593.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.77
Free cash flow (t + 1) 285.35
Terminal Value 7,568.94
Present Value of Terminal Value 5,717.71

Intrinsic Value

Enterprise Value 6,311.48
Net Debt 0.10
Equity Value 6,311.39
Shares Outstanding 34.38
Equity Value Per Share 183.60