Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock MuniAssets Fund, Inc. (MUA)
$10.14
-0.01 (-0.10%)
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 | 22.70 | 28.88 | -23.36 | 94.02 | -62.64 | 66.20 | -69.97 | 73.95 | -78.15 | 82.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 23.52 | 30.12 | -22.27 | 94.10 | -61.95 | 66.50 | -70.28 | 74.27 | -78.50 | 82.96 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 66.50 | -70.28 | 74.27 | -78.50 | 82.96 |
| 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 | - | 0.08 | -0.07 | 0.27 | -0.18 | 0.19 | -0.20 | 0.22 | -0.23 | 0.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 11.66 | 10.42 | 10.54 | 9.56 | 11.46 | 4.53 | -4.79 | 5.06 | -5.35 | 5.65 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.67 | 4.60 | 4.29 | 1.98 | 1.79 | 2.30 | -2.43 | 2.57 | -2.72 | 2.87 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.14 |
|---|---|
| Beta | 0.330 |
| Diluted Shares Outstanding | 36.28 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 24,711.42% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.520 |
| Total Debt | 0 |
| Total Equity | 367.84 |
| Total Capital | 367.85 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 22.70 | 28.88 | -23.36 | 94.02 | -62.64 | 66.20 | -69.97 | 73.95 | -78.15 | 82.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 23.52 | 30.12 | -22.27 | 94.10 | -61.95 | 66.50 | -70.28 | 74.27 | -78.50 | 82.96 |
| EBIT | - | - | - | - | - | 66.50 | -70.28 | 74.27 | -78.50 | 82.96 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 66.50 | -70.28 | 74.27 | -78.50 | 82.96 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 1.24 | -0.12 | 0.98 | -1.90 | 6.93 | 9.32 | -9.85 | 10.41 | -11 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.07 | -0.31 | -2.31 | -0.20 | 0.52 | -4.74 | 5.01 | -5.29 | 5.59 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 73.95 | -65.69 | 69.43 | -73.38 | 77.55 |
| WACC | ||||||||||
| PV UFCF | 69.87 | -58.65 | 58.56 | -58.47 | 58.39 | |||||
| SUM PV UFCF | 69.70 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.84 |
| Free cash flow (t + 1) | 79.10 |
| Terminal Value | 2,059.94 |
| Present Value of Terminal Value | 1,550.98 |
Intrinsic Value
| Enterprise Value | 1,620.67 |
|---|---|
| Net Debt | 0 |
| Equity Value | 1,620.67 |
| Shares Outstanding | 36.28 |
| Equity Value Per Share | 44.68 |