Discounted Cash Flow (DCF) Analysis Unlevered

Nuveen Taxable Municipal Income Fun... (NBB)

$15.4342

-0.04 (-0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 7,239.95 | 15.4342 | undervalue

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 21.67-7.3591.95-24.68-51.90142.96-393.811,084.82-2,988.328,231.86
Revenue (%)
EBITDA 24.36-2.6891.58-22.97-52.25126.44-348.31959.49-2,643.097,280.85
EBITDA (%)
EBIT -----126.44-348.31959.49-2,643.097,280.85
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 --6.42-1.72-3.629.99-27.5175.77-208.73574.98
Total Cash (%)
Account Receivables 12.9132.3815.6214.7113.99-128.86354.96-977.812,693.54-7,419.85
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.915.075.313.076.59-21.4459.07-162.72448.25-1,234.78
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.4,342
Beta 0.550
Diluted Shares Outstanding 29.78
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.906
Total Debt 188.86
Total Equity 459.68
Total Capital 648.54
Debt Weighting 29.12
Equity Weighting 70.88
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 21.67-7.3591.95-24.68-51.90142.96-393.811,084.82-2,988.328,231.86
EBITDA 24.36-2.6891.58-22.97-52.25126.44-348.31959.49-2,643.097,280.85
EBIT -----126.44-348.31959.49-2,643.097,280.85
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----126.44-348.31959.49-2,643.097,280.85
Depreciation ----------
Accounts Receivable --19.4716.760.910.72142.85-483.821,332.77-3,671.3510,113.39
Inventories ----------
Accounts Payable -2.160.24-2.243.52-28.0380.52-221.79610.97-1,683.04
Capital Expenditure ----------
UFCF -----241.26-751.622,070.47-5,703.4715,711.21
WACC
PV UFCF 227.28-667.051,731.04-4,492.2011,657.61
SUM PV UFCF 8,456.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.15
Free cash flow (t + 1) 15,789.76
Terminal Value 279,464.85
Present Value of Terminal Value 207,361.06

Intrinsic Value

Enterprise Value 215,817.74
Net Debt 188.86
Equity Value 215,628.88
Shares Outstanding 29.78
Equity Value Per Share 7,239.95