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
Stock DCF: 34,201.37 | 16.99 | 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 47.7821.67-7.3591.95-24.6878.17-247.55783.98-2,482.807,862.86
Revenue (%)
EBITDA 50.2024.36-2.6893.91-22.9770.22-222.37704.24-2,230.277,063.12
EBITDA (%)
EBIT -----70.22-222.37704.24-2,230.277,063.12
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 11.6212.9132.3815.6214.71-62.44197.75-626.251,983.29-6,280.95
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.682.915.075.313.07-8.8628.07-88.89281.50-891.48
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 47.7821.67-7.3591.95-24.6878.17-247.55783.98-2,482.807,862.86
EBITDA 50.2024.36-2.6893.91-22.9770.22-222.37704.24-2,230.277,063.12
EBIT -----70.22-222.37704.24-2,230.277,063.12
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----70.22-222.37704.24-2,230.277,063.12
Depreciation ----------
Accounts Receivable --1.29-19.4716.760.9177.15-260.19824-2,609.548,264.24
Inventories ----------
Accounts Payable -0.232.160.24-2.24-11.9336.93-116.95370.38-1,172.98
Capital Expenditure ----------
UFCF -----135.43-445.631,411.28-4,469.4314,154.38
WACC
PV UFCF 131.08-417.451,279.56-3,922.0612,021.78
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