Discounted Cash Flow (DCF) Analysis Unlevered

PIMCO New York Municipal Income Fun... (PNI)

$7.84

-0.11 (-1.38%)
All numbers are in Millions, Currency in USD
Stock DCF: -7,287,255,059,546.13 | 7.84 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue -0.0417.565.247.31-1,013.79140,674.93-19,520,243.222,708,655,314.87-375,856,670,072.59
Revenue (%)
EBITDA 0.6218.595.677.472,963.85-411,267.1957,067,990.69-7,918,831,470.181,098,827,750,767.93
EBITDA (%)
EBIT ----2,963.85-411,267.1957,067,990.69-7,918,831,470.181,098,827,750,767.93
EBIT (%)
Depreciation ---------
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0-0.42-0.12-0.1724.14-3,349.40464,767.62-64,491,782.898,948,966,903.23
Total Cash (%)
Account Receivables 2.702.672.271.9516,083.03-2,231,703.42309,674,180.29-42,970,807,533.735,962,687,294,050.80
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable 0.580.460.450.453,474.02-482,059.3066,891,199.78-9,281,913,230.731,287,970,816,976.23
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.84
Beta 0.506
Diluted Shares Outstanding 11.20
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.144
Total Debt 15.18
Total Equity 87.83
Total Capital 103.01
Debt Weighting 14.73
Equity Weighting 85.27
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue -0.0417.565.247.31-1,013.79140,674.93-19,520,243.222,708,655,314.87-375,856,670,072.59
EBITDA 0.6218.595.677.472,963.85-411,267.1957,067,990.69-7,918,831,470.181,098,827,750,767.93
EBIT ----2,963.85-411,267.1957,067,990.69-7,918,831,470.181,098,827,750,767.93
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----2,963.85-411,267.1957,067,990.69-7,918,831,470.181,098,827,750,767.93
Depreciation ---------
Accounts Receivable -0.030.390.32-16,081.082,247,786.45-311,905,883.7043,280,481,714.02-6,005,658,101,584.54
Inventories ---------
Accounts Payable --0.12-0.0203,473.57-485,533.3267,373,259.08-9,348,804,430.501,297,252,730,206.96
Capital Expenditure ---------
UFCF -----9,643.671,350,985.94-187,464,633.9426,012,845,813.34-3,609,577,620,609.64
WACC
PV UFCF -9,643.671,279,827.53-168,236,639.5922,115,141,480.98-2,907,092,556,671.36
SUM PV UFCF -2,733,179,596,102.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.56
Free cash flow (t + 1) -3,681,769,173,021.83
Terminal Value -103,420,482,388,253.78
Present Value of Terminal Value -78,905,931,548,722.22

Intrinsic Value

Enterprise Value -81,639,111,144,825.02
Net Debt 15.17
Equity Value -81,639,111,144,840.19
Shares Outstanding 11.20
Equity Value Per Share -7,287,255,059,546.13