Discounted Cash Flow (DCF) Analysis Levered
Apartment Investment and Management... (AIV)
$7.62
-0.03 (-0.39%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,005.44 | 132.16 | 732.72 | 151.45 | 169.84 | 297.37 | 520.66 | 911.63 | 1,596.18 | 2,794.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 392.07 | 53.49 | 57.93 | 47.85 | 12.59 | 75.16 | 131.60 | 230.41 | 403.43 | 706.37 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -387.37 | -37.84 | -39.33 | -23.89 | -177.81 | -114.78 | -200.97 | -351.89 | -616.12 | -1,078.77 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 4.70 | 15.64 | 18.59 | 23.96 | -165.22 | -39.62 | -69.38 | -121.48 | -212.69 | -372.40 |
Weighted Average Cost Of Capital
| Share price | $ 7.62 |
|---|---|
| Beta | 1.558 |
| Diluted Shares Outstanding | 149.48 |
| Cost of Debt | |
| Tax Rate | 68.14 |
| After-tax Cost of Debt | 1.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.994 |
| Total Debt | 1,615.93 |
| Total Equity | 1,139.04 |
| Total Capital | 2,754.96 |
| Debt Weighting | 58.66 |
| Equity Weighting | 41.34 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,005.44 | 132.16 | 732.72 | 151.45 | 169.84 | 297.37 | 520.66 | 911.63 | 1,596.18 | 2,794.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 392.07 | 53.49 | 57.93 | 47.85 | 12.59 | 75.16 | 131.60 | 230.41 | 403.43 | 706.37 |
| Capital Expenditure | -387.37 | -37.84 | -39.33 | -23.89 | -177.81 | -114.78 | -200.97 | -351.89 | -616.12 | -1,078.77 |
| Free Cash Flow | 4.70 | 15.64 | 18.59 | 23.96 | -165.22 | -39.62 | -69.38 | -121.48 | -212.69 | -372.40 |
| WACC | ||||||||||
| PV LFCF | -37.68 | -62.74 | -104.46 | -173.92 | -289.58 | |||||
| SUM PV LFCF | -668.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.16 |
| Free cash flow (t + 1) | -379.85 |
| Terminal Value | -12,020.63 |
| Present Value of Terminal Value | -9,347.05 |
Intrinsic Value
| Enterprise Value | -10,015.42 |
|---|---|
| Net Debt | 1,382.55 |
| Equity Value | -11,397.97 |
| Shares Outstanding | 149.48 |
| Equity Value Per Share | -76.25 |