Discounted Cash Flow (DCF) Analysis Levered

Apollo Commercial Real Estate Finan... (ARI)

$10.73

+0.38 (+3.67%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: 5.91 | 10.73 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 299.45315210.58278.31303.64313.74324.18334.97346.12357.63
Revenue (%)
Operating Cash Flow 265.96273.43164.05199.38267.70259.36267.99276.91286.12295.64
Operating Cash Flow (%)
Capital Expenditure ----0.13-33.03-17.14-17.71-18.30-18.91-19.54
Capital Expenditure (%)
Free Cash Flow 265.96273.43164.05199.25234.67242.22250.28258.61267.21276.10

Weighted Average Cost Of Capital

Share price $ 10.73
Beta 1.649
Diluted Shares Outstanding 165.50
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 37.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.475
Total Debt 724.21
Total Equity 1,775.87
Total Capital 2,500.07
Debt Weighting 28.97
Equity Weighting 71.03
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 299.45315210.58278.31303.64313.74324.18334.97346.12357.63
Operating Cash Flow 265.96273.43164.05199.38267.70259.36267.99276.91286.12295.64
Capital Expenditure ----0.13-33.03-17.14-17.71-18.30-18.91-19.54
Free Cash Flow 265.96273.43164.05199.25234.67242.22250.28258.61267.21276.10
WACC
PV LFCF 203.60176.83153.58133.38115.85
SUM PV LFCF 783.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.97
Free cash flow (t + 1) 281.62
Terminal Value 1,659.54
Present Value of Terminal Value 696.30

Intrinsic Value

Enterprise Value 1,479.53
Net Debt 502.18
Equity Value 977.36
Shares Outstanding 165.50
Equity Value Per Share 5.91