Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock MuniHoldings Quality Fund... (MUE)
$11.75
-0.01 (-0.06%)
All numbers are in Millions, Currency in USD
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 | -2.56 | 2.14 | 21.92 | 18.06 | 21.19 | 60.43 | 172.38 | 491.69 | 1,402.50 | 4,000.51 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 0.34 | 5.85 | 26.26 | 21.21 | 22.75 | 73.10 | 208.51 | 594.74 | 1,696.45 | 4,838.99 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | 73.10 | 208.51 | 594.74 | 1,696.45 | 4,838.99 |
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 | - | - | 0.02 | 0.02 | 0.02 | 0.05 | 0.15 | 0.43 | 1.21 | 3.46 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5.42 | 5.34 | 5.18 | 4.95 | 4.86 | 13.54 | 38.61 | 110.13 | 314.13 | 896.02 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 5.62 | 3.88 | 5.51 | 1.73 | 1.19 | 0.31 | 0.87 | 2.49 | 7.09 | 20.23 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 11.75 |
---|---|
Beta | 0.359 |
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 | 4.542 |
Total Debt | 0.34 |
Total Equity | 263.09 |
Total Capital | 263.43 |
Debt Weighting | 0.13 |
Equity Weighting | 99.87 |
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 | -2.56 | 2.14 | 21.92 | 18.06 | 21.19 | 60.43 | 172.38 | 491.69 | 1,402.50 | 4,000.51 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 0.34 | 5.85 | 26.26 | 21.21 | 22.75 | 73.10 | 208.51 | 594.74 | 1,696.45 | 4,838.99 |
EBIT | - | - | - | - | - | 73.10 | 208.51 | 594.74 | 1,696.45 | 4,838.99 |
Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EBIAT | - | - | - | - | - | 73.10 | 208.51 | 594.74 | 1,696.45 | 4,838.99 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | 0.08 | 0.16 | 0.23 | 0.09 | -8.67 | -25.07 | -71.52 | -204 | -581.89 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -1.73 | 1.62 | -3.78 | -0.54 | -0.89 | 0.57 | 1.61 | 4.61 | 13.14 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
UFCF | - | - | - | - | - | 63.54 | 184 | 524.84 | 1,497.06 | 4,270.23 |
WACC | ||||||||||
PV UFCF | 60.39 | 166.26 | 450.80 | 1,222.30 | 3,314.16 | |||||
SUM PV UFCF | 5,213.90 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.20 |
Free cash flow (t + 1) | 4,355.64 |
Terminal Value | 136,113.67 |
Present Value of Terminal Value | 105,638.70 |
Intrinsic Value
Enterprise Value | 110,852.60 |
---|---|
Net Debt | 0.34 |
Equity Value | 110,852.26 |
Shares Outstanding | 22.39 |
Equity Value Per Share | 4,950.79 |