Discounted Cash Flow (DCF) Analysis Unlevered

Pioneer Municipal High Income Fund,... (MHI)

$8.96

-0.04 (-0.44%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 8.96 | undervalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5.8133.20-39.44-89.30-202.17-457.71-1,036.24-2,346.01
Revenue (%)
EBITDA 8.5233.74-38.75-103.16-233.54-528.73-1,197.03-2,710.03
EBITDA (%)
EBIT ----103.16-233.54-528.73-1,197.03-2,710.03
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 7.112.530.11-38.62-87.42-197.92-448.09-1,014.47
Total Cash (%)
Account Receivables 5.705.195.54-29.68-67.19-152.11-344.36-779.62
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable 2.122.781.05-12.57-28.46-64.43-145.86-330.21
Accounts Payable (%)
Capital Expenditure --------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.96
Beta 0.369
Diluted Shares Outstanding 22.78
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.247
Total Debt -
Total Equity 204.08
Total Capital -
Debt Weighting -
Equity Weighting -
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 5.8133.20-39.44-89.30-202.17-457.71-1,036.24-2,346.01
EBITDA 8.5233.74-38.75-103.16-233.54-528.73-1,197.03-2,710.03
EBIT ----103.16-233.54-528.73-1,197.03-2,710.03
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----103.16-233.54-528.73-1,197.03-2,710.03
Depreciation --------
Accounts Receivable -0.51-0.3535.2137.5184.92192.26435.26
Inventories --------
Accounts Payable -0.65-1.73-13.62-15.89-35.97-81.43-184.36
Capital Expenditure --------
UFCF ----81.56-211.92-479.78-1,086.21-2,459.13
WACC
PV UFCF --211.92---
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -2,508.31
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -0.11
Equity Value -
Shares Outstanding 22.78
Equity Value Per Share -