Discounted Cash Flow (DCF) Analysis Unlevered

Invesco Municipal Trust (VKQ)

$10.81

+0.10 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.49 | 10.81 | 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 56.0550.9449.466.90-2.29-0.96-0.41-0.17-0.07-0.03
Revenue (%)
EBITDA 13.1611.98154.8612.501.86-0.89-0.37-0.16-0.07-0.03
EBITDA (%)
EBIT ------0.89-0.37-0.16-0.07-0.03
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 0.540.540.232.492.650.150.060.030.010
Total Cash (%)
Account Receivables 16.1615.8015.9613.6614.770.690.290.120.050.02
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ---1.609.951.990.840.350.150.06
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.81
Beta 0.329
Diluted Shares Outstanding 54.36
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.404
Total Debt 192.09
Total Equity 587.66
Total Capital 779.76
Debt Weighting 24.64
Equity Weighting 75.36
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 56.0550.9449.466.90-2.29-0.96-0.41-0.17-0.07-0.03
EBITDA 13.1611.98154.8612.501.86-0.89-0.37-0.16-0.07-0.03
EBIT ------0.89-0.37-0.16-0.07-0.03
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------0.89-0.37-0.16-0.07-0.03
Depreciation ----------
Accounts Receivable -0.36-0.162.30-1.1114.080.400.170.070.03
Inventories ----------
Accounts Payable ----8.35-7.96-1.15-0.48-0.20-0.09
Capital Expenditure ----------
UFCF -----5.23-1.13-0.48-0.20-0.08
WACC
PV UFCF 5.03-1.04-0.42-0.17-0.07
SUM PV UFCF 3.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.90
Free cash flow (t + 1) -0.09
Terminal Value -4.54
Present Value of Terminal Value -3.75

Intrinsic Value

Enterprise Value -0.43
Net Debt 189.45
Equity Value -189.88
Shares Outstanding 54.36
Equity Value Per Share -3.49