Discounted Cash Flow (DCF) Analysis Unlevered

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

$7.56

+0.00 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 14,364,422,148,791.62 | 7.56 | undervalue

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 -0.0417.565.247.31-179.1419,741.16-2,175,492.12239,741,054.50-26,419,665,067.812,911,469,225,660.91
Revenue (%)
EBITDA 0.6217.465.067.14-175.55-43,199.984,760,673.44-524,630,201.9157,814,687,801.91-6,371,227,034,650.91
EBITDA (%)
EBIT ------43,199.984,760,673.44-524,630,201.9157,814,687,801.91-6,371,227,034,650.91
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 03.81000763.71-84,161.419,274,658.40-1,022,075,125.76112,633,535,184.30
Total Cash (%)
Account Receivables 2.702.672.271.952.89-250,606.7827,617,076.93-3,043,425,015.93335,387,986,628.56-36,960,037,124,584.17
Account Receivables (%)
Inventories --11.286.403.7519,788.39-2,180,697.03240,314,639.76-26,482,874,644.882,918,434,974,012.69
Inventories (%)
Accounts Payable 0.580.460.450.451.77-54,157.705,968,223.70-657,703,252.2572,479,449,441.73-7,987,296,053,935.66
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.56
Beta 0.690
Diluted Shares Outstanding 11.21
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 26.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.470
Total Debt 14.87
Total Equity 84.74
Total Capital 99.61
Debt Weighting 14.93
Equity Weighting 85.07
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 -0.0417.565.247.31-179.1419,741.16-2,175,492.12239,741,054.50-26,419,665,067.812,911,469,225,660.91
EBITDA 0.6217.465.067.14-175.55-43,199.984,760,673.44-524,630,201.9157,814,687,801.91-6,371,227,034,650.91
EBIT ------43,199.984,760,673.44-524,630,201.9157,814,687,801.91-6,371,227,034,650.91
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------43,199.984,760,673.44-524,630,201.9157,814,687,801.91-6,371,227,034,650.91
Depreciation ----------
Accounts Receivable -0.030.390.32-0.94250,609.67-27,867,683.713,071,042,092.86-338,431,411,644.4937,295,425,111,212.73
Inventories ---4.882.65-19,784.642,200,485.42-242,495,336.7926,723,189,284.65-2,944,917,848,657.57
Accounts Payable --0.12-0.0201.32-54,159.476,022,381.40-663,671,475.9573,137,152,693.98-8,059,775,503,377.39
Capital Expenditure ----------
UFCF -----133,465.58-14,884,143.451,640,245,078.20-180,756,381,863.9519,919,504,724,526.86
WACC
PV UFCF 120,958.48-12,225,253.901,220,983,526.26-121,944,360,676.2112,179,056,294,328.39
SUM PV UFCF 12,058,320,812,883.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.34
Free cash flow (t + 1) 20,317,894,819,017.39
Terminal Value 243,619,841,954,645.09
Present Value of Terminal Value 148,952,487,052,937.13

Intrinsic Value

Enterprise Value 161,010,807,865,820.16
Net Debt 14.87
Equity Value 161,010,807,865,805.28
Shares Outstanding 11.21
Equity Value Per Share 14,364,422,148,791.62