Discounted Cash Flow (DCF) Analysis Unlevered

Invesco California Value Municipal ... (VCV)

$9.81

+0.03 (+0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: -19,012,541,884,486,135,808.00 | 9.81 | overvalue

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 20.5078.804.600.02-72.2676,966.77-81,974,574.3787,308,213,858.90-92,988,884,249,670.0699,039,164,951,572,128
Revenue (%)
EBITDA -22.4235.28-32.54-33.86-115.83-30,853,489.4032,860,958,063.58-34,999,041,792,864.2337,276,238,996,089,960-39,701,601,030,029,328,384
EBITDA (%)
EBIT ------30,853,489.4032,860,958,063.58-34,999,041,792,864.2337,276,238,996,089,960-39,701,601,030,029,328,384
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 -254.42-233.43-241.82-270.62-217.17-246,808,793.44262,867,298,625.74-279,970,643,362,792.78298,186,809,674,552,960-317,588,202,805,496,905,728
Total Cash (%)
Account Receivables 10.3510.109.899.8916.989,022,370.35-9,609,406,892.5910,234,638,709,788.04-10,900,550,959,154,45011,609,790,495,045,603,328
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.480.4118.276.3611.225,833,137.24-6,212,667,734.486,616,892,217,914.14-7,047,417,388,913,3117,505,954,490,099,602,432
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.81
Beta 0.617
Diluted Shares Outstanding 47.89
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 6.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.197
Total Debt 147.44
Total Equity 469.81
Total Capital 617.24
Debt Weighting 23.89
Equity Weighting 76.11
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 20.5078.804.600.02-72.2676,966.77-81,974,574.3787,308,213,858.90-92,988,884,249,670.0699,039,164,951,572,128
EBITDA -22.4235.28-32.54-33.86-115.83-30,853,489.4032,860,958,063.58-34,999,041,792,864.2337,276,238,996,089,960-39,701,601,030,029,328,384
EBIT ------30,853,489.4032,860,958,063.58-34,999,041,792,864.2337,276,238,996,089,960-39,701,601,030,029,328,384
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------30,853,489.4032,860,958,063.58-34,999,041,792,864.2337,276,238,996,089,960-39,701,601,030,029,328,384
Depreciation ----------
Accounts Receivable -0.250.210-7.09-9,022,353.379,618,429,262.94-10,244,248,116,680.6310,910,785,597,864,238-11,620,691,046,004,756,480
Inventories ----------
Accounts Payable --0.0617.86-11.924.865,833,126.02-6,218,500,871.716,623,104,885,648.61-7,054,034,281,131,2257,513,001,907,488,516,096
Capital Expenditure ----------
UFCF ------34,042,716.7536,260,886,454.81-38,620,185,023,896.2541,132,990,312,822,976-43,809,290,168,545,558,528
WACC
PV UFCF -31,771,084.2231,583,049,875.84-31,393,361,710,721.1631,204,812,814,934,060-31,017,396,346,009,358,336
SUM PV UFCF -30,986,222,895,004,856,320

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.15
Free cash flow (t + 1) -45,342,615,324,444,655,616
Terminal Value -1.2,422,634,335,464,286e+21
Present Value of Terminal Value -879,534,389,537,525,465,088

Intrinsic Value

Enterprise Value -910,520,612,432,530,243,584
Net Debt 147.44
Equity Value -910,520,612,432,530,243,584
Shares Outstanding 47.89
Equity Value Per Share -19,012,541,884,486,135,808.00