Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock MuniHoldings Quality Fund... (MUE)

$9.72

-0.18 (-1.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,564.84 | 9.72 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue -2.562.1421.9218.0621.1960.43172.38491.691,402.504,000.51
Revenue (%)
EBITDA 0.345.8526.2621.2122.7573.10208.51594.741,696.454,838.99
EBITDA (%)
EBIT -----73.10208.51594.741,696.454,838.99
EBIT (%)
Depreciation ----------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash --0.020.020.020.050.150.431.213.46
Total Cash (%)
Account Receivables 5.425.345.184.954.8613.5438.61110.13314.13896.02
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.623.885.511.731.190.310.872.497.0920.23
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.72
Beta 0.360
Diluted Shares Outstanding 22.39
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 509.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.505
Total Debt 0.34
Total Equity 217.64
Total Capital 217.98
Debt Weighting 0.16
Equity Weighting 99.84
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue -2.562.1421.9218.0621.1960.43172.38491.691,402.504,000.51
EBITDA 0.345.8526.2621.2122.7573.10208.51594.741,696.454,838.99
EBIT -----73.10208.51594.741,696.454,838.99
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----73.10208.51594.741,696.454,838.99
Depreciation ----------
Accounts Receivable -0.080.160.230.09-8.67-25.07-71.52-204-581.89
Inventories ----------
Accounts Payable --1.731.62-3.78-0.54-0.890.571.614.6113.14
Capital Expenditure ----------
UFCF -----63.54184524.841,497.064,270.23
WACC
PV UFCF 59.78162.87437.071,172.923,147.67
SUM PV UFCF 4,980.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.29
Free cash flow (t + 1) 4,355.64
Terminal Value 101,530.01
Present Value of Terminal Value 74,839.76

Intrinsic Value

Enterprise Value 79,820.07
Net Debt 0.34
Equity Value 79,819.73
Shares Outstanding 22.39
Equity Value Per Share 3,564.84