Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock MuniAssets Fund, Inc. (MUA)
$12.41
-0.09 (-0.72%)
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 | $ 12.41 |
---|---|
Beta | 0.333 |
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 | 4.463 |
Total Debt | 0 |
Total Equity | 450.19 |
Total Capital | 450.19 |
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 | 70.61 | -59.89 | 60.44 | -60.99 | 61.55 | |||||
SUM PV UFCF | 71.71 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.73 |
Free cash flow (t + 1) | 79.10 |
Terminal Value | 2,897.50 |
Present Value of Terminal Value | 2,299.68 |
Intrinsic Value
Enterprise Value | 2,371.39 |
---|---|
Net Debt | 0 |
Equity Value | 2,371.39 |
Shares Outstanding | 36.28 |
Equity Value Per Share | 65.37 |