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
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 | -58.34 | 431.76 | 104.86 | 238.84 | -330.02 | 456.01 | -630.10 | 870.65 | -1,203.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 118.96 | -17.79 | 476.65 | 133.59 | 245.20 | -331.91 | 458.62 | -633.71 | 875.65 | -1,209.95 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -331.91 | 458.62 | -633.71 | 875.65 | -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 | 0.42 | 4.82 | -16.82 | -4.08 | -9.30 | 12.85 | -17.76 | 24.54 | -33.91 | 46.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 73.32 | 81.77 | 85.38 | 83.20 | 149.38 | -67.86 | 93.77 | -129.57 | 179.04 | -247.39 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 22.94 | 37.22 | 18.04 | 13.53 | 49.50 | 0.37 | -0.51 | 0.71 | -0.98 | 1.35 |
| 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 | -58.34 | 431.76 | 104.86 | 238.84 | -330.02 | 456.01 | -630.10 | 870.65 | -1,203.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 118.96 | -17.79 | 476.65 | 133.59 | 245.20 | -331.91 | 458.62 | -633.71 | 875.65 | -1,209.95 |
| EBIT | - | - | - | - | - | -331.91 | 458.62 | -633.71 | 875.65 | -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 | - | - | - | - | - | -331.91 | 458.62 | -633.71 | 875.65 | -1,209.95 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -8.45 | -3.61 | 2.17 | -66.17 | 217.24 | -161.64 | 223.35 | -308.61 | 426.43 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 14.28 | -19.19 | -4.51 | 35.97 | -49.13 | -0.88 | 1.22 | -1.68 | 2.32 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -163.80 | 296.11 | -409.15 | 565.35 | -781.19 |
| WACC | ||||||||||
| PV UFCF | -154.86 | 264.68 | -345.78 | 451.72 | -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 |