Discounted Cash Flow (DCF) Analysis Unlevered

Rivernorth Managed Duration Municip... (RMM)

$14.49

-0.23 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -297,788.14 | 14.49 | overvalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 18.4569.20259.53973.293,650.0713,688.6251,335.52
Revenue (%)
EBITDA -40.9970.86-155.38-582.72-2,185.34-8,195.54-30,735.18
EBITDA (%)
EBIT ---155.38-582.72-2,185.34-8,195.54-30,735.18
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 0.270.192.278.5031.86119.48448.09
Total Cash (%)
Account Receivables 4.613.3838.79145.46545.512,045.807,672.21
Account Receivables (%)
Inventories -------
Inventories (%)
Accounts Payable 1.3914.1536.29136.10510.401,914.127,178.40
Accounts Payable (%)
Capital Expenditure -------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.49
Beta 0.000
Diluted Shares Outstanding 19.76
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.745
Total Debt 214.78
Total Equity 286.33
Total Capital 501.11
Debt Weighting 42.86
Equity Weighting 57.14
Wacc

Build Up Free Cash

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 18.4569.20259.53973.293,650.0713,688.6251,335.52
EBITDA -40.9970.86-155.38-582.72-2,185.34-8,195.54-30,735.18
EBIT ---155.38-582.72-2,185.34-8,195.54-30,735.18
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ---155.38-582.72-2,185.34-8,195.54-30,735.18
Depreciation -------
Accounts Receivable -1.23-35.40-106.67-400.05-1,500.28-5,626.41
Inventories -------
Accounts Payable -12.7722.1499.81374.301,403.725,264.28
Capital Expenditure -------
UFCF ---168.65-589.59-2,211.09-8,292.10-31,097.31
WACC
PV UFCF -177.12-604.21-2,211.09-8,091.44-29,610.42
SUM PV UFCF -37,810.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.48
Free cash flow (t + 1) -31,719.26
Terminal Value -6,608,178.30
Present Value of Terminal Value -5,846,368.27

Intrinsic Value

Enterprise Value -5,884,179.08
Net Debt 214.60
Equity Value -5,884,393.68
Shares Outstanding 19.76
Equity Value Per Share -297,788.14