Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Arizona Quality Municipal In... (NAZ)
$9.49
-0.12 (-1.25%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 6.92 | 22.13 | 1.12 | 0.48 | -18.81 | 167.24 | -1,487.13 | 13,223.45 | -117,582.25 | 1,045,535.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 8.80 | 21.95 | 0.94 | 1.16 | -16.64 | 214.12 | -1,903.97 | 16,929.99 | -150,540.55 | 1,338,598.55 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 214.12 | -1,903.97 | 16,929.99 | -150,540.55 | 1,338,598.55 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 0.89 | 0.48 | 0.10 | 0.54 | -6.47 | 57.53 | -511.54 | 4,548.58 | -40,445.72 | 359,641.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.32 | 2.40 | 2.30 | 6.65 | 4.03 | 540.83 | -4,809.03 | 42,761.62 | -380,234.07 | 3,381,021.13 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.63 | 1.41 | 0.57 | 4.65 | 0.43 | 346.31 | -3,079.34 | 27,381.29 | -243,472.97 | 2,164,948.70 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.49 |
|---|---|
| Beta | 0.376 |
| Diluted Shares Outstanding | 11.50 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 156.17% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.576 |
| Total Debt | 1.50 |
| Total Equity | 109.16 |
| Total Capital | 110.65 |
| Debt Weighting | 1.35 |
| Equity Weighting | 98.65 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 6.92 | 22.13 | 1.12 | 0.48 | -18.81 | 167.24 | -1,487.13 | 13,223.45 | -117,582.25 | 1,045,535.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 8.80 | 21.95 | 0.94 | 1.16 | -16.64 | 214.12 | -1,903.97 | 16,929.99 | -150,540.55 | 1,338,598.55 |
| EBIT | - | - | - | - | - | 214.12 | -1,903.97 | 16,929.99 | -150,540.55 | 1,338,598.55 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 214.12 | -1,903.97 | 16,929.99 | -150,540.55 | 1,338,598.55 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.09 | 0.10 | -4.35 | 2.62 | -536.80 | 5,349.86 | -47,570.65 | 422,995.69 | -3,761,255.21 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.78 | -0.84 | 4.08 | -4.23 | 345.88 | -3,425.64 | 30,460.63 | -270,854.26 | 2,408,421.67 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 23.20 | 20.25 | -180.04 | 1,600.89 | -14,234.99 |
| WACC | ||||||||||
| PV UFCF | 21.36 | 17.17 | -140.56 | 1,150.91 | -9,423.41 | |||||
| SUM PV UFCF | -8,374.53 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.60 |
| Free cash flow (t + 1) | -14,519.69 |
| Terminal Value | -219,995.27 |
| Present Value of Terminal Value | -145,634.48 |
Intrinsic Value
| Enterprise Value | -154,009.02 |
|---|---|
| Net Debt | 1.50 |
| Equity Value | -154,010.51 |
| Shares Outstanding | 11.50 |
| Equity Value Per Share | -13,389.76 |