Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Intermediate Duration Qualit... (NIQ)
$12.72
-0.03 (-0.24%)
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 | 2.42 | 13.42 | 5.87 | 14.11 | -13.09 | -24.41 | -45.51 | -84.85 | -158.19 | -294.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 3.34 | 14.58 | 6.89 | 14.48 | -12.66 | -27.50 | -51.28 | -95.60 | -178.24 | -332.32 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -27.50 | -51.28 | -95.60 | -178.24 | -332.32 |
| 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 | 2.27 | 0.12 | 0.43 | 2.70 | 1.01 | -5.53 | -10.31 | -19.23 | -35.85 | -66.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.76 | 4.50 | 4.25 | 3.96 | 9.12 | -14.76 | -27.52 | -51.32 | -95.68 | -178.38 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.30 | 0.51 | 0.44 | 3.15 | 2.59 | -27.50 | -51.28 | -95.60 | -178.24 | -332.31 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.72 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 13.01 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.784 |
| Total Debt | - |
| Total Equity | 165.54 |
| Total Capital | 165.54 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 2.42 | 13.42 | 5.87 | 14.11 | -13.09 | -24.41 | -45.51 | -84.85 | -158.19 | -294.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 3.34 | 14.58 | 6.89 | 14.48 | -12.66 | -27.50 | -51.28 | -95.60 | -178.24 | -332.32 |
| EBIT | - | - | - | - | - | -27.50 | -51.28 | -95.60 | -178.24 | -332.32 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -27.50 | -51.28 | -95.60 | -178.24 | -332.32 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 1.26 | 0.26 | 0.29 | -5.16 | 23.88 | 12.76 | 23.79 | 44.36 | 82.70 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -12.79 | -0.07 | 2.71 | -0.56 | -30.09 | -23.77 | -44.32 | -82.64 | -154.07 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -33.71 | -62.29 | -116.14 | -216.52 | -403.69 |
| WACC | ||||||||||
| PV UFCF | -32.48 | -57.84 | -103.90 | -186.66 | -335.33 | |||||
| SUM PV UFCF | -716.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.78 |
| Free cash flow (t + 1) | -411.76 |
| Terminal Value | -23,132.55 |
| Present Value of Terminal Value | -19,215.66 |
Intrinsic Value
| Enterprise Value | -19,931.87 |
|---|---|
| Net Debt | -1.01 |
| Equity Value | -19,930.86 |
| Shares Outstanding | 13.01 |
| Equity Value Per Share | -1,531.44 |