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
Stock DCF: 3,397,308.94 | 14.1134 | undervalue

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 0.105.976.9222.131.1217.62278.024,385.7069,182.741,091,331.65
Revenue (%)
EBITDA 1.447.388.8024.102.1269.331,093.6417,251.73272,139.544,292,898.98
EBITDA (%)
EBIT -----69.331,093.6417,251.73272,139.544,292,898.98
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 0.9153.3761.80197.759.98157.502,484.5039,192.12618,240.989,752,519.14
Total Cash (%)
Account Receivables 3.864.612.322.402.30145.212,290.5836,132.97569,984.038,991,283.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.512.950.631.410.5791.151,437.8022,680.69357,779.385,643,835.22
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 0.105.976.9222.131.1217.62278.024,385.7069,182.741,091,331.65
EBITDA 1.447.388.8024.102.1269.331,093.6417,251.73272,139.544,292,898.98
EBIT -----69.331,093.6417,251.73272,139.544,292,898.98
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----69.331,093.6417,251.73272,139.544,292,898.98
Depreciation ----------
Accounts Receivable --0.752.29-0.090.10-142.90-2,145.37-33,842.40-533,851.06-8,421,299.93
Inventories ----------
Accounts Payable -0.44-2.320.78-0.8490.581,346.6521,242.89335,098.695,286,055.84
Capital Expenditure ----------
UFCF -----17294.924,652.2373,387.161,157,654.90
WACC
PV UFCF 16.27270.174,079.0761,586.77929,850.85
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