Discounted Cash Flow (DCF) Analysis Unlevered
Nuveen Municipal Income Fund, Inc. (NMI)
$9.59
-0.04 (-0.42%)
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 | 2.24 | 0.24 | 8.11 | 1.88 | 5.35 | 49.52 | 458.23 | 4,240.46 | 39,241.15 | 363,137.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.07 | -0.04 | 7.94 | 1.75 | 5.21 | 36.24 | 335.35 | 3,103.32 | 28,718.13 | 265,757.17 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | 1.75 | 5.21 | 36.24 | 335.35 | 3,103.32 | 28,718.13 | 265,757.17 |
| 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 | 0.07 | 1.71 | 0.22 | 0.42 | 1.92 | 76.78 | 710.48 | 6,574.81 | 60,843.22 | 563,042.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.33 | 2.13 | 1.55 | 1.33 | 1.84 | 106.11 | 981.94 | 9,086.86 | 84,089.68 | 778,164.74 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.19 | 2.23 | 0.29 | 1.02 | 1.91 | 106.59 | 986.40 | 9,128.10 | 84,471.33 | 781,696.60 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.59 |
|---|---|
| Beta | 0.079 |
| Diluted Shares Outstanding | 8.82 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.168 |
| Total Debt | - |
| Total Equity | 84.57 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 2.24 | 0.24 | 8.11 | 1.88 | 5.35 | 49.52 | 458.23 | 4,240.46 | 39,241.15 | 363,137.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.07 | -0.04 | 7.94 | 1.75 | 5.21 | 36.24 | 335.35 | 3,103.32 | 28,718.13 | 265,757.17 |
| EBIT | - | - | - | 1.75 | 5.21 | 36.24 | 335.35 | 3,103.32 | 28,718.13 | 265,757.17 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | 1.75 | 5.21 | 36.24 | 335.35 | 3,103.32 | 28,718.13 | 265,757.17 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.80 | 0.57 | 0.22 | -0.51 | -104.27 | -875.83 | -8,104.92 | -75,002.82 | -694,075.06 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.04 | -1.94 | 0.73 | 0.89 | 104.69 | 879.81 | 8,141.71 | 75,343.23 | 697,225.27 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | 2.70 | 5.60 | 36.65 | 339.33 | 3,140.11 | 29,058.54 | 268,907.38 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 274,285.53 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -1.92 |
| Equity Value | - |
| Shares Outstanding | 8.82 |
| Equity Value Per Share | - |