Discounted Cash Flow (DCF) Analysis Unlevered

Western Asset Intermediate Muni Fun... (SBI)

$7.62

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 610.34 | 7.62 | undervalue

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 8.761.7312.975.347.0916.7339.5093.27220.24520.04
Revenue (%)
EBITDA 7.590.3211.514.126.2812.0328.4167.09158.42374.07
EBITDA (%)
EBIT -----12.0328.4167.09158.42374.07
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 ----------
Total Cash (%)
Account Receivables 2.712.532.422.362.329.1321.5650.90120.18283.77
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.541.550.470.331.194.4810.592559.04139.40
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.62
Beta 0.261
Diluted Shares Outstanding 14.01
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.924
Total Debt 1.45
Total Equity 106.78
Total Capital 108.22
Debt Weighting 1.34
Equity Weighting 98.66
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 8.761.7312.975.347.0916.7339.5093.27220.24520.04
EBITDA 7.590.3211.514.126.2812.0328.4167.09158.42374.07
EBIT -----12.0328.4167.09158.42374.07
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----12.0328.4167.09158.42374.07
Depreciation ----------
Accounts Receivable -0.180.110.050.04-6.81-12.43-29.34-69.28-163.59
Inventories ----------
Accounts Payable -0.02-1.08-0.140.863.306.1014.4134.0380.36
Capital Expenditure ----------
UFCF -----8.5222.0952.17123.18290.85
WACC
PV UFCF 8.1320.0945.23101.84229.30
SUM PV UFCF 404.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.87
Free cash flow (t + 1) 296.66
Terminal Value 10,336.68
Present Value of Terminal Value 8,149.39

Intrinsic Value

Enterprise Value 8,553.98
Net Debt 1.45
Equity Value 8,552.53
Shares Outstanding 14.01
Equity Value Per Share 610.34