Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Georgia Quality Municipal In... (NKG)
$10.57
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.26 | 0.45 | 9.99 | 5.77 | 10.35 | 67.70 | 443.02 | 2,899.03 | 18,970.51 | 124,138.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.59 | 1.87 | 11.71 | 7.21 | 10.84 | 187.32 | 1,225.74 | 8,020.94 | 52,486.89 | 343,460.43 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 187.32 | 1,225.74 | 8,020.94 | 52,486.89 | 343,460.43 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | - | 0.51 | 0.55 | 0.56 | 1.43 | 23.85 | 156.06 | 1,021.21 | 6,682.56 | 43,728.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.35 | 5.50 | 4.88 | 3.61 | 2.99 | 519.78 | 3,401.28 | 22,257.10 | 145,644.64 | 953,060.22 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.60 | 0.56 | 0.50 | 0.47 | 0.57 | 51.17 | 334.82 | 2,190.99 | 14,337.28 | 93,819.39 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.57 |
|---|---|
| Beta | 0.324 |
| Diluted Shares Outstanding | 10.40 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.046 |
| Total Debt | - |
| Total Equity | 109.94 |
| Total Capital | 109.94 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.26 | 0.45 | 9.99 | 5.77 | 10.35 | 67.70 | 443.02 | 2,899.03 | 18,970.51 | 124,138.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.59 | 1.87 | 11.71 | 7.21 | 10.84 | 187.32 | 1,225.74 | 8,020.94 | 52,486.89 | 343,460.43 |
| EBIT | - | - | - | - | - | 187.32 | 1,225.74 | 8,020.94 | 52,486.89 | 343,460.43 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 187.32 | 1,225.74 | 8,020.94 | 52,486.89 | 343,460.43 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.85 | 0.62 | 1.28 | 0.62 | -516.79 | -2,881.51 | -18,855.82 | -123,387.54 | -807,415.58 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.05 | -0.06 | -0.02 | 0.09 | 50.60 | 283.66 | 1,856.17 | 12,146.29 | 79,482.11 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -278.87 | -1,372.11 | -8,978.72 | -58,754.35 | -384,473.05 |
| WACC | ||||||||||
| PV UFCF | -265.47 | -1,243.36 | -7,745.08 | -48,245.39 | -300,528.47 | |||||
| SUM PV UFCF | -358,027.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.05 |
| Free cash flow (t + 1) | -392,162.51 |
| Terminal Value | -12,857,787.10 |
| Present Value of Terminal Value | -10,050,460.17 |
Intrinsic Value
| Enterprise Value | -10,408,487.93 |
|---|---|
| Net Debt | -1.43 |
| Equity Value | -10,408,486.50 |
| Shares Outstanding | 10.40 |
| Equity Value Per Share | -1,000,689.96 |