Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Arizona Quality Municipal In... (NAZ)
$14.1134
-0.18 (-1.24%)
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 | 0.10 | 5.97 | 6.92 | 22.13 | 1.12 | 17.62 | 278.02 | 4,385.70 | 69,182.74 | 1,091,331.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.44 | 7.38 | 8.80 | 24.10 | 2.12 | 69.33 | 1,093.64 | 17,251.73 | 272,139.54 | 4,292,898.98 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 69.33 | 1,093.64 | 17,251.73 | 272,139.54 | 4,292,898.98 |
| 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 | 0.91 | 53.37 | 61.80 | 197.75 | 9.98 | 157.50 | 2,484.50 | 39,192.12 | 618,240.98 | 9,752,519.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.86 | 4.61 | 2.32 | 2.40 | 2.30 | 145.21 | 2,290.58 | 36,132.97 | 569,984.03 | 8,991,283.96 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.51 | 2.95 | 0.63 | 1.41 | 0.57 | 91.15 | 1,437.80 | 22,680.69 | 357,779.38 | 5,643,835.22 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.1,134 |
|---|---|
| Beta | 0.343 |
| Diluted Shares Outstanding | 11.55 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.475 |
| Total Debt | - |
| Total Equity | 163.01 |
| Total Capital | 163.01 |
| 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 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.10 | 5.97 | 6.92 | 22.13 | 1.12 | 17.62 | 278.02 | 4,385.70 | 69,182.74 | 1,091,331.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.44 | 7.38 | 8.80 | 24.10 | 2.12 | 69.33 | 1,093.64 | 17,251.73 | 272,139.54 | 4,292,898.98 |
| EBIT | - | - | - | - | - | 69.33 | 1,093.64 | 17,251.73 | 272,139.54 | 4,292,898.98 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 69.33 | 1,093.64 | 17,251.73 | 272,139.54 | 4,292,898.98 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.75 | 2.29 | -0.09 | 0.10 | -142.90 | -2,145.37 | -33,842.40 | -533,851.06 | -8,421,299.93 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.44 | -2.32 | 0.78 | -0.84 | 90.58 | 1,346.65 | 21,242.89 | 335,098.69 | 5,286,055.84 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 17 | 294.92 | 4,652.23 | 73,387.16 | 1,157,654.90 |
| WACC | ||||||||||
| PV UFCF | 16.27 | 270.17 | 4,079.07 | 61,586.77 | 929,850.85 | |||||
| SUM PV UFCF | 995,803.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.48 |
| Free cash flow (t + 1) | 1,180,808 |
| Terminal Value | 47,613,225.68 |
| Present Value of Terminal Value | 38,243,865.77 |
Intrinsic Value
| Enterprise Value | 39,239,668.91 |
|---|---|
| Net Debt | -0.10 |
| Equity Value | 39,239,669.01 |
| Shares Outstanding | 11.55 |
| Equity Value Per Share | 3,397,308.94 |