Discounted Cash Flow (DCF) Analysis Levered
Brandywine Realty Trust (BDN)
$4.11
+0.25 (+6.48%)
All numbers are in Millions, Currency in USD
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 | 544.35 | 580.42 | 534.85 | 486.82 | 506.10 | 498.20 | 490.42 | 482.77 | 475.23 | 467.81 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 227.35 | 234.23 | 225.81 | 190.87 | 209.31 | 204.17 | 200.98 | 197.84 | 194.75 | 191.71 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -212.60 | -198.30 | -160.25 | -135.12 | -263.01 | -182.25 | -179.40 | -176.60 | -173.85 | -171.13 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 14.75 | 35.93 | 65.56 | 55.75 | -53.71 | 21.92 | 21.58 | 21.24 | 20.91 | 20.58 |
Weighted Average Cost Of Capital
Share price | $ 4.11 |
---|---|
Beta | 1.105 |
Diluted Shares Outstanding | 172.33 |
Cost of Debt | |
Tax Rate | 0.41 |
After-tax Cost of Debt | 3.60% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.906 |
Total Debt | 1,988.20 |
Total Equity | 708.26 |
Total Capital | 2,696.46 |
Debt Weighting | 73.73 |
Equity Weighting | 26.27 |
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 | 544.35 | 580.42 | 534.85 | 486.82 | 506.10 | 498.20 | 490.42 | 482.77 | 475.23 | 467.81 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 227.35 | 234.23 | 225.81 | 190.87 | 209.31 | 204.17 | 200.98 | 197.84 | 194.75 | 191.71 |
Capital Expenditure | -212.60 | -198.30 | -160.25 | -135.12 | -263.01 | -182.25 | -179.40 | -176.60 | -173.85 | -171.13 |
Free Cash Flow | 14.75 | 35.93 | 65.56 | 55.75 | -53.71 | 21.92 | 21.58 | 21.24 | 20.91 | 20.58 |
WACC | ||||||||||
PV LFCF | 20.88 | 19.57 | 18.35 | 17.21 | 16.13 | |||||
SUM PV LFCF | 92.15 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.99 |
Free cash flow (t + 1) | 20.99 |
Terminal Value | 702.13 |
Present Value of Terminal Value | 550.40 |
Intrinsic Value
Enterprise Value | 642.55 |
---|---|
Net Debt | 1,970.65 |
Equity Value | -1,328.10 |
Shares Outstanding | 172.33 |
Equity Value Per Share | -7.71 |