Discounted Cash Flow (DCF) Analysis Unlevered

BlackRock MuniYield New York Qualit... (MYN)

$11.01

+0.06 (+0.55%)
All numbers are in Millions, Currency in USD
Stock DCF: 54,141.50 | 11.01 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -6.073.4946.9128.51127.86573.492,572.2411,536.9951,745.70
Revenue (%)
EBITDA -0.9210.0953.0231.02168.11753.993,381.7815,167.9568,031.31
EBITDA (%)
EBIT ----168.11753.993,381.7815,167.9568,031.31
EBIT (%)
Depreciation ---------
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash --0.030.020.090.411.838.2036.78
Total Cash (%)
Account Receivables 11.519.089.038.7438.45172.47773.563,469.5815,561.78
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 2.402.074.823.4013.4460.29270.421,212.875,439.94
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.01
Beta 0.322
Diluted Shares Outstanding 39.79
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.371
Total Debt -
Total Equity 438.06
Total Capital 438.06
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -6.073.4946.9128.51127.86573.492,572.2411,536.9951,745.70
EBITDA -0.9210.0953.0231.02168.11753.993,381.7815,167.9568,031.31
EBIT ----168.11753.993,381.7815,167.9568,031.31
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----168.11753.993,381.7815,167.9568,031.31
Depreciation ---------
Accounts Receivable -2.430.060.28-29.71-134.02-601.09-2,696.02-12,092.19
Inventories ---------
Accounts Payable --0.322.74-1.4210.0446.85210.12942.454,227.08
Capital Expenditure ---------
UFCF ----148.44666.822,990.8113,414.3860,166.19
WACC
PV UFCF 148.44638.902,745.6011,798.9650,704.88
SUM PV UFCF 63,271.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.37
Free cash flow (t + 1) 61,369.51
Terminal Value 2,589,430.98
Present Value of Terminal Value 2,090,864.66

Intrinsic Value

Enterprise Value 2,154,136.46
Net Debt -
Equity Value 2,154,136.46
Shares Outstanding 39.79
Equity Value Per Share 54,141.50