Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock MuniHoldings Fund, Inc. (MHD)

$11.5

-0.22 (-1.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 796.65 | 11.5 | undervalue

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 7.3414.87-8.5955.18-122.73221-397.96716.59-1,290.352,323.51
Revenue (%)
EBITDA 9.8218-6.0456.59-118.03231.56-416.96750.80-1,351.962,434.44
EBITDA (%)
EBIT -----231.56-416.96750.80-1,351.962,434.44
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 0.010.07-0.030.16-0.360.65-1.172.11-3.806.84
Total Cash (%)
Account Receivables 8.375.315.7318.4121.5743.66-78.63141.58-254.94459.06
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.421.382.393.8918.9932.72-58.92106.09-191.03343.99
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.5
Beta 0.343
Diluted Shares Outstanding 53.36
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 429.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.315
Total Debt 1.19
Total Equity 613.60
Total Capital 614.79
Debt Weighting 0.19
Equity Weighting 99.81
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 7.3414.87-8.5955.18-122.73221-397.96716.59-1,290.352,323.51
EBITDA 9.8218-6.0456.59-118.03231.56-416.96750.80-1,351.962,434.44
EBIT -----231.56-416.96750.80-1,351.962,434.44
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----231.56-416.96750.80-1,351.962,434.44
Depreciation ----------
Accounts Receivable -3.05-0.41-12.68-3.16-22.09122.29-220.21396.52-714
Inventories ----------
Accounts Payable --6.041.011.5015.1013.73-91.64165.01-297.12535.03
Capital Expenditure ----------
UFCF -----223.19-386.30695.61-1,252.562,255.46
WACC
PV UFCF 210.30-342.97581.90-987.301,675.12
SUM PV UFCF 1,137.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.13
Free cash flow (t + 1) 2,300.57
Terminal Value 55,703.97
Present Value of Terminal Value 41,370.94

Intrinsic Value

Enterprise Value 42,507.99
Net Debt 1.19
Equity Value 42,506.81
Shares Outstanding 53.36
Equity Value Per Share 796.65