Discounted Cash Flow (DCF) Analysis Unlevered
BlackRock MuniYield Fund, Inc. (MYD)
$11.16
+0.13 (+1.18%)
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 | 23.25 | 43.20 | -23.16 | 120.21 | -92.69 | 107.54 | -124.76 | 144.74 | -167.92 | 194.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 30.31 | 51.95 | -15.17 | 122.99 | -89.77 | 110.82 | -128.57 | 149.17 | -173.06 | 200.77 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 110.82 | -128.57 | 149.17 | -173.06 | 200.77 |
| 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 | 0.02 | 0.21 | -0.07 | 0.35 | -0.27 | 0.31 | -0.36 | 0.42 | -0.48 | 0.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 24.63 | 16.46 | 19.77 | 13.86 | 15.77 | 11.43 | -13.27 | 15.39 | -17.86 | 20.72 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 20.35 | 3.88 | 6.98 | 2.67 | 15.15 | 11.24 | -13.04 | 15.13 | -17.55 | 20.36 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 11.16 |
|---|---|
| Beta | 0.537 |
| Diluted Shares Outstanding | 46.91 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 137.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.053 |
| Total Debt | 2.48 |
| Total Equity | 523.46 |
| Total Capital | 525.94 |
| Debt Weighting | 0.47 |
| Equity Weighting | 99.53 |
| 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 | 23.25 | 43.20 | -23.16 | 120.21 | -92.69 | 107.54 | -124.76 | 144.74 | -167.92 | 194.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30.31 | 51.95 | -15.17 | 122.99 | -89.77 | 110.82 | -128.57 | 149.17 | -173.06 | 200.77 |
| EBIT | - | - | - | - | - | 110.82 | -128.57 | 149.17 | -173.06 | 200.77 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 110.82 | -128.57 | 149.17 | -173.06 | 200.77 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 8.17 | -3.31 | 5.91 | -1.91 | 4.33 | 24.70 | -28.66 | 33.25 | -38.57 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -16.47 | 3.09 | -4.30 | 12.48 | -3.91 | -24.28 | 28.17 | -32.68 | 37.91 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 111.24 | -128.15 | 148.67 | -172.49 | 200.11 |
| WACC | ||||||||||
| PV UFCF | 104.29 | -112.62 | 122.49 | -133.22 | 144.90 | |||||
| SUM PV UFCF | 125.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.67 |
| Free cash flow (t + 1) | 204.11 |
| Terminal Value | 4,370.73 |
| Present Value of Terminal Value | 3,164.77 |
Intrinsic Value
| Enterprise Value | 3,290.60 |
|---|---|
| Net Debt | 2.48 |
| Equity Value | 3,288.12 |
| Shares Outstanding | 46.91 |
| Equity Value Per Share | 70.10 |