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
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 | $ 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 | -2.56 | 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 | 59.78 | 162.87 | 437.07 | 1,172.92 | 3,147.67 | |||||
| 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 |