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
Stock DCF: 70.10 | 11.16 | 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 23.2543.20-23.16120.21-92.69107.54-124.76144.74-167.92194.82
Revenue (%)
EBITDA 30.3151.95-15.17122.99-89.77110.82-128.57149.17-173.06200.77
EBITDA (%)
EBIT -----110.82-128.57149.17-173.06200.77
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 0.020.21-0.070.35-0.270.31-0.360.42-0.480.56
Total Cash (%)
Account Receivables 24.6316.4619.7713.8615.7711.43-13.2715.39-17.8620.72
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 20.353.886.982.6715.1511.24-13.0415.13-17.5520.36
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 23.2543.20-23.16120.21-92.69107.54-124.76144.74-167.92194.82
EBITDA 30.3151.95-15.17122.99-89.77110.82-128.57149.17-173.06200.77
EBIT -----110.82-128.57149.17-173.06200.77
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----110.82-128.57149.17-173.06200.77
Depreciation ----------
Accounts Receivable -8.17-3.315.91-1.914.3324.70-28.6633.25-38.57
Inventories ----------
Accounts Payable --16.473.09-4.3012.48-3.91-24.2828.17-32.6837.91
Capital Expenditure ----------
UFCF -----111.24-128.15148.67-172.49200.11
WACC
PV UFCF 104.29-112.62122.49-133.22144.90
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