Discounted Cash Flow (DCF) Analysis Levered

Brandywine Realty Trust (BDN)

$4.17

+0.08 (+1.96%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.44 | 4.17 | 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 580.42534.85486.82506.10479.85458.19437.50417.75398.89380.89
Revenue (%)
Operating Cash Flow 234.23225.81190.87209.310149.50142.75136.30130.15124.28
Operating Cash Flow (%)
Capital Expenditure -198.30-160.25-135.12-263.01-172.57-164.78-157.34-150.23-143.45-136.98
Capital Expenditure (%)
Free Cash Flow 35.9365.5655.75-53.71-172.56-15.28-14.59-13.93-13.30-12.70

Weighted Average Cost Of Capital

Share price $ 4.17
Beta 1.255
Diluted Shares Outstanding 171.96
Cost of Debt
Tax Rate -0.01
After-tax Cost of Debt 4.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.223
Total Debt 2,170.47
Total Equity 717.07
Total Capital 2,887.54
Debt Weighting 75.17
Equity Weighting 24.83
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 580.42534.85486.82506.10479.85458.19437.50417.75398.89380.89
Operating Cash Flow 234.23225.81190.87209.310149.50142.75136.30130.15124.28
Capital Expenditure -198.30-160.25-135.12-263.01-172.57-164.78-157.34-150.23-143.45-136.98
Free Cash Flow 35.9365.5655.75-53.71-172.56-15.28-14.59-13.93-13.30-12.70
WACC
PV LFCF -13.60-12.25-11.03-9.94-8.95
SUM PV LFCF -59.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.00
Free cash flow (t + 1) -13.21
Terminal Value -660.47
Present Value of Terminal Value -493.54

Intrinsic Value

Enterprise Value -552.66
Net Debt 2,102.94
Equity Value -2,655.60
Shares Outstanding 171.96
Equity Value Per Share -15.44