Discounted Cash Flow (DCF) Analysis Unlevered

Nuveen Quality Municipal Income Fun... (NAD)

$11.77

+0.06 (+0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: -80.95 | 11.77 | overvalue

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 90.17-58.34431.76104.86238.84-330.02456.01-630.10870.65-1,203.04
Revenue (%)
EBITDA 118.96-17.79476.65133.59245.20-331.91458.62-633.71875.65-1,209.95
EBITDA (%)
EBIT ------331.91458.62-633.71875.65-1,209.95
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 0.424.82-16.82-4.08-9.3012.85-17.7624.54-33.9146.86
Total Cash (%)
Account Receivables 73.3281.7785.3883.20149.38-67.8693.77-129.57179.04-247.39
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 22.9437.2218.0413.5349.500.37-0.510.71-0.981.35
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.77
Beta 0.317
Diluted Shares Outstanding 201.94
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 233.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.201
Total Debt 5.95
Total Equity 2,376.85
Total Capital 2,382.80
Debt Weighting 0.25
Equity Weighting 99.75
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 90.17-58.34431.76104.86238.84-330.02456.01-630.10870.65-1,203.04
EBITDA 118.96-17.79476.65133.59245.20-331.91458.62-633.71875.65-1,209.95
EBIT ------331.91458.62-633.71875.65-1,209.95
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------331.91458.62-633.71875.65-1,209.95
Depreciation ----------
Accounts Receivable --8.45-3.612.17-66.17217.24-161.64223.35-308.61426.43
Inventories ----------
Accounts Payable -14.28-19.19-4.5135.97-49.13-0.881.22-1.682.32
Capital Expenditure ----------
UFCF ------163.80296.11-409.15565.35-781.19
WACC
PV UFCF -154.86264.68-345.78451.72-590.12
SUM PV UFCF -374.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.77
Free cash flow (t + 1) -796.81
Terminal Value -21,135.59
Present Value of Terminal Value -15,966.21

Intrinsic Value

Enterprise Value -16,340.57
Net Debt 5.95
Equity Value -16,346.52
Shares Outstanding 201.94
Equity Value Per Share -80.95