Discounted Cash Flow (DCF) Analysis Levered
Saul Centers, Inc. (BFS)
$35.57
+0.20 (+0.57%)
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 | 227.90 | 231.53 | 225.21 | 239.23 | 245.86 | 250.69 | 255.61 | 260.64 | 265.76 | 270.98 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 110.34 | 115.38 | 78.38 | 118.38 | 121.15 | 116.23 | 118.51 | 120.84 | 123.21 | 125.63 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | 19.01 | 19.38 | 19.76 | 20.15 | 20.54 | 20.95 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 110.34 | 115.38 | 78.38 | 118.38 | 140.16 | 135.61 | 138.27 | 140.99 | 143.76 | 146.58 |
Weighted Average Cost Of Capital
Share price | $ 35.57 |
---|---|
Beta | 1.140 |
Diluted Shares Outstanding | 33.97 |
Cost of Debt | |
Tax Rate | -43.95 |
After-tax Cost of Debt | 3.59% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.980 |
Total Debt | 1,222.90 |
Total Equity | 1,208.38 |
Total Capital | 2,431.28 |
Debt Weighting | 50.30 |
Equity Weighting | 49.70 |
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 | 227.90 | 231.53 | 225.21 | 239.23 | 245.86 | 250.69 | 255.61 | 260.64 | 265.76 | 270.98 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 110.34 | 115.38 | 78.38 | 118.38 | 121.15 | 116.23 | 118.51 | 120.84 | 123.21 | 125.63 |
Capital Expenditure | - | - | - | - | 19.01 | 19.38 | 19.76 | 20.15 | 20.54 | 20.95 |
Free Cash Flow | 110.34 | 115.38 | 78.38 | 118.38 | 140.16 | 135.61 | 138.27 | 140.99 | 143.76 | 146.58 |
WACC | ||||||||||
PV LFCF | 127.01 | 121.29 | 115.83 | 110.62 | 105.64 | |||||
SUM PV LFCF | 580.40 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.77 |
Free cash flow (t + 1) | 149.51 |
Terminal Value | 3,134.46 |
Present Value of Terminal Value | 2,259 |
Intrinsic Value
Enterprise Value | 2,839.40 |
---|---|
Net Debt | 1,209.62 |
Equity Value | 1,629.78 |
Shares Outstanding | 33.97 |
Equity Value Per Share | 47.97 |