Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Municipal Credit Opportuniti... (NMCO)
$11.22
+0.02 (+0.18%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | -80.94 | 182.76 | -412.66 | 931.79 | -2,103.99 | 4,750.82 | -10,727.37 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | -75.73 | 186 | -403.06 | 910.10 | -2,055.02 | 4,640.24 | -10,477.67 |
| EBITDA (%) | |||||||
| EBIT | - | - | -403.06 | 910.10 | -2,055.02 | 4,640.24 | -10,477.67 |
| EBIT (%) | |||||||
| Depreciation | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 17.48 | 3.39 | 40.74 | -91.99 | 207.71 | -469.01 | 1,059.02 |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 23.51 | 22.21 | 34.86 | -78.72 | 177.76 | -401.38 | 906.31 |
| Account Receivables (%) | |||||||
| Inventories | - | - | - | - | - | - | - |
| Inventories (%) | |||||||
| Accounts Payable | 6.67 | 3.25 | 13.34 | -30.12 | 68.02 | -153.59 | 346.81 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 11.22 |
|---|---|
| Beta | 0.658 |
| Diluted Shares Outstanding | 53.34 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.797 |
| Total Debt | - |
| Total Equity | 598.51 |
| Total Capital | 598.51 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | -80.94 | 182.76 | -412.66 | 931.79 | -2,103.99 | 4,750.82 | -10,727.37 |
|---|---|---|---|---|---|---|---|
| EBITDA | -75.73 | 186 | -403.06 | 910.10 | -2,055.02 | 4,640.24 | -10,477.67 |
| EBIT | - | - | -403.06 | 910.10 | -2,055.02 | 4,640.24 | -10,477.67 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | -403.06 | 910.10 | -2,055.02 | 4,640.24 | -10,477.67 |
| Depreciation | - | - | - | - | - | - | - |
| Accounts Receivable | - | 1.30 | -12.66 | 113.59 | -256.48 | 579.13 | -1,307.68 |
| Inventories | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.42 | 10.09 | -43.47 | 98.15 | -221.61 | 500.40 |
| Capital Expenditure | - | - | - | - | - | - | - |
| UFCF | - | - | -405.62 | 980.22 | -2,213.35 | 4,997.76 | -11,284.95 |
| WACC | |||||||
| PV UFCF | -462.66 | 1,046.88 | -2,213.35 | 4,679.55 | -9,893.67 | ||
| SUM PV UFCF | -5,617.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.80 |
| Free cash flow (t + 1) | -11,510.65 |
| Terminal Value | -239,805.29 |
| Present Value of Terminal Value | -172,584.78 |
Intrinsic Value
| Enterprise Value | -178,202.36 |
|---|---|
| Net Debt | -3.39 |
| Equity Value | -178,198.97 |
| Shares Outstanding | 53.34 |
| Equity Value Per Share | -3,340.59 |