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
Stock DCF: -13,389.76 | 9.49 | overvalue

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 6.9222.131.120.48-18.81167.24-1,487.1313,223.45-117,582.251,045,535.11
Revenue (%)
EBITDA 8.8021.950.941.16-16.64214.12-1,903.9716,929.99-150,540.551,338,598.55
EBITDA (%)
EBIT -----214.12-1,903.9716,929.99-150,540.551,338,598.55
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 0.890.480.100.54-6.4757.53-511.544,548.58-40,445.72359,641.16
Total Cash (%)
Account Receivables 2.322.402.306.654.03540.83-4,809.0342,761.62-380,234.073,381,021.13
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.631.410.574.650.43346.31-3,079.3427,381.29-243,472.972,164,948.70
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 6.9222.131.120.48-18.81167.24-1,487.1313,223.45-117,582.251,045,535.11
EBITDA 8.8021.950.941.16-16.64214.12-1,903.9716,929.99-150,540.551,338,598.55
EBIT -----214.12-1,903.9716,929.99-150,540.551,338,598.55
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----214.12-1,903.9716,929.99-150,540.551,338,598.55
Depreciation ----------
Accounts Receivable --0.090.10-4.352.62-536.805,349.86-47,570.65422,995.69-3,761,255.21
Inventories ----------
Accounts Payable -0.78-0.844.08-4.23345.88-3,425.6430,460.63-270,854.262,408,421.67
Capital Expenditure ----------
UFCF -----23.2020.25-180.041,600.89-14,234.99
WACC
PV UFCF 21.3617.17-140.561,150.91-9,423.41
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