Discounted Cash Flow (DCF) Analysis Levered

Apartment Investment and Management... (AIV)

$7.26

+0.09 (+1.26%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.72 | 7.26 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 732.72151.45169.84190.34187160.41137.60118.03101.2586.85
Revenue (%)
Operating Cash Flow 57.9347.8512.59204.23-101.2432.1027.5423.6220.2617.38
Operating Cash Flow (%)
Capital Expenditure -39.33-23.89-177.81-237.52-272.50-127.15-109.07-93.56-80.26-68.85
Capital Expenditure (%)
Free Cash Flow 18.5923.96-165.22-33.29-373.73-95.05-81.54-69.94-60-51.47

Weighted Average Cost Of Capital

Share price $ 7.26
Beta 1.595
Diluted Shares Outstanding 143.62
Cost of Debt
Tax Rate 2.28
After-tax Cost of Debt 4.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.850
Total Debt -
Total Equity 1,042.67
Total Capital 1,042.67
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 732.72151.45169.84190.34187160.41137.60118.03101.2586.85
Operating Cash Flow 57.9347.8512.59204.23-101.2432.1027.5423.6220.2617.38
Capital Expenditure -39.33-23.89-177.81-237.52-272.50-127.15-109.07-93.56-80.26-68.85
Free Cash Flow 18.5923.96-165.22-33.29-373.73-95.05-81.54-69.94-60-51.47
WACC
PV LFCF -84.98-65.17-49.98-38.33-29.40
SUM PV LFCF -267.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.85
Free cash flow (t + 1) -53.52
Terminal Value -681.85
Present Value of Terminal Value -389.50

Intrinsic Value

Enterprise Value -657.37
Net Debt -122.60
Equity Value -534.77
Shares Outstanding 143.62
Equity Value Per Share -3.72