Discounted Cash Flow (DCF) Analysis Levered

Brandywine Realty Trust (BDN)

$6.715

-0.19 (-2.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.11 | 6.715 | 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 544.35580.42534.85486.82506.10498.20490.42482.77475.23467.81
Revenue (%)
Operating Cash Flow 227.35234.23225.81190.87206.93203.70200.52197.39194.31191.28
Operating Cash Flow (%)
Capital Expenditure -212.60-198.30-160.25-135.12-165.67-163.08-160.54-158.03-155.56-153.14
Capital Expenditure (%)
Free Cash Flow 14.7535.9365.5655.7541.2640.6239.9839.3638.7438.14

Weighted Average Cost Of Capital

Share price $ 6.715
Beta 1.128
Diluted Shares Outstanding 172.33
Cost of Debt
Tax Rate 1.26
After-tax Cost of Debt 4.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.945
Total Debt -
Total Equity 1,157.17
Total Capital 1,157.17
Debt Weighting 0.00
Equity Weighting 100.00
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 544.35580.42534.85486.82506.10498.20490.42482.77475.23467.81
Operating Cash Flow 227.35234.23225.81190.87206.93203.70200.52197.39194.31191.28
Capital Expenditure -212.60-198.30-160.25-135.12-165.67-163.08-160.54-158.03-155.56-153.14
Free Cash Flow 14.7535.9365.5655.7541.2640.6239.9839.3638.7438.14
WACC
PV LFCF 24.3021.9619.8417.9316.20
SUM PV LFCF 153.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.94
Free cash flow (t + 1) 38.90
Terminal Value 560.54
Present Value of Terminal Value 365.32

Intrinsic Value

Enterprise Value 519.09
Net Debt -17.55
Equity Value 536.64
Shares Outstanding 172.33
Equity Value Per Share 3.11