Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Taxable Municipal Income Fun... (NBB)
$16.99
+0.13 (+0.77%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 47.78 | 21.67 | -7.35 | 91.95 | -24.68 | 78.17 | -247.55 | 783.98 | -2,482.80 | 7,862.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 50.20 | 24.36 | -2.68 | 93.91 | -22.97 | 70.22 | -222.37 | 704.24 | -2,230.27 | 7,063.12 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 70.22 | -222.37 | 704.24 | -2,230.27 | 7,063.12 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | - | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 11.62 | 12.91 | 32.38 | 15.62 | 14.71 | -62.44 | 197.75 | -626.25 | 1,983.29 | -6,280.95 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.68 | 2.91 | 5.07 | 5.31 | 3.07 | -8.86 | 28.07 | -88.89 | 281.50 | -891.48 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.99 |
|---|---|
| Beta | 0.283 |
| Diluted Shares Outstanding | 27.42 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.731 |
| Total Debt | 260.42 |
| Total Equity | 465.86 |
| Total Capital | 726.28 |
| Debt Weighting | 35.86 |
| Equity Weighting | 64.14 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 47.78 | 21.67 | -7.35 | 91.95 | -24.68 | 78.17 | -247.55 | 783.98 | -2,482.80 | 7,862.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 50.20 | 24.36 | -2.68 | 93.91 | -22.97 | 70.22 | -222.37 | 704.24 | -2,230.27 | 7,063.12 |
| EBIT | - | - | - | - | - | 70.22 | -222.37 | 704.24 | -2,230.27 | 7,063.12 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 70.22 | -222.37 | 704.24 | -2,230.27 | 7,063.12 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -1.29 | -19.47 | 16.76 | 0.91 | 77.15 | -260.19 | 824 | -2,609.54 | 8,264.24 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.23 | 2.16 | 0.24 | -2.24 | -11.93 | 36.93 | -116.95 | 370.38 | -1,172.98 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 135.43 | -445.63 | 1,411.28 | -4,469.43 | 14,154.38 |
| WACC | ||||||||||
| PV UFCF | 131.08 | -417.45 | 1,279.56 | -3,922.06 | 12,021.78 | |||||
| SUM PV UFCF | 9,092.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.32 |
| Free cash flow (t + 1) | 14,437.47 |
| Terminal Value | 1,093,747.70 |
| Present Value of Terminal Value | 928,956.05 |
Intrinsic Value
| Enterprise Value | 938,048.96 |
|---|---|
| Net Debt | 260.42 |
| Equity Value | 937,788.54 |
| Shares Outstanding | 27.42 |
| Equity Value Per Share | 34,201.37 |