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
Stock DCF: 44.68 | 10.14 | 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 22.7028.88-23.3694.02-62.6466.20-69.9773.95-78.1582.60
Revenue (%)
EBITDA 23.5230.12-22.2794.10-61.9566.50-70.2874.27-78.5082.96
EBITDA (%)
EBIT -----66.50-70.2874.27-78.5082.96
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 -0.08-0.070.27-0.180.19-0.200.22-0.230.24
Total Cash (%)
Account Receivables 11.6610.4210.549.5611.464.53-4.795.06-5.355.65
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.674.604.291.981.792.30-2.432.57-2.722.87
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 22.7028.88-23.3694.02-62.6466.20-69.9773.95-78.1582.60
EBITDA 23.5230.12-22.2794.10-61.9566.50-70.2874.27-78.5082.96
EBIT -----66.50-70.2874.27-78.5082.96
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----66.50-70.2874.27-78.5082.96
Depreciation ----------
Accounts Receivable -1.24-0.120.98-1.906.939.32-9.8510.41-11
Inventories ----------
Accounts Payable --0.07-0.31-2.31-0.200.52-4.745.01-5.295.59
Capital Expenditure ----------
UFCF -----73.95-65.6969.43-73.3877.55
WACC
PV UFCF 69.87-58.6558.56-58.4758.39
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