Discounted Cash Flow (DCF) Analysis Unlevered
Rivernorth Managed Duration Municip... (RMM)
$14.51
-0.07 (-0.48%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 18.45 | 69.20 | -60.83 | 19.11 | 16.28 | 13.88 | 11.83 | 10.08 | 8.60 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -40.99 | 70.86 | -58.81 | 19.03 | 3.12 | 2.66 | 2.26 | 1.93 | 1.64 |
| EBITDA (%) | |||||||||
| EBIT | - | - | - | - | 3.12 | 2.66 | 2.26 | 1.93 | 1.64 |
| EBIT (%) | |||||||||
| Depreciation | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 0.27 | 0.19 | -0.53 | 0.17 | 0.14 | 0.12 | 0.10 | 0.09 | 0.08 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 4.61 | 3.38 | 16.26 | 6.13 | 1.43 | 1.22 | 1.04 | 0.89 | 0.76 |
| Account Receivables (%) | |||||||||
| Inventories | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||
| Accounts Payable | 0.71 | 14.15 | 12.67 | 4.10 | 1.01 | 0.86 | 0.74 | 0.63 | 0.53 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.51 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | - |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 4.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.255 |
| Total Debt | 218.28 |
| Total Equity | - |
| Total Capital | 218.28 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 18.45 | 69.20 | -60.83 | 19.11 | 16.28 | 13.88 | 11.83 | 10.08 | 8.60 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -40.99 | 70.86 | -58.81 | 19.03 | 3.12 | 2.66 | 2.26 | 1.93 | 1.64 |
| EBIT | - | - | - | - | 3.12 | 2.66 | 2.26 | 1.93 | 1.64 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | 3.12 | 2.66 | 2.26 | 1.93 | 1.64 |
| Depreciation | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 1.23 | -12.88 | 10.13 | 4.69 | 0.21 | 0.18 | 0.15 | 0.13 |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 13.45 | -1.48 | -8.58 | -3.08 | -0.15 | -0.13 | -0.11 | -0.09 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | 4.73 | 2.72 | 2.32 | 1.97 | 1.68 |
| WACC | |||||||||
| PV UFCF | 4.73 | 2.61 | 2.13 | 1.74 | 1.43 | ||||
| SUM PV UFCF | 12.12 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.25 |
| Free cash flow (t + 1) | 1.72 |
| Terminal Value | 76.31 |
| Present Value of Terminal Value | 61.97 |
Intrinsic Value
| Enterprise Value | 74.09 |
|---|---|
| Net Debt | 218.28 |
| Equity Value | -144.18 |
| Shares Outstanding | - |
| Equity Value Per Share | -Infinity |