Discounted Cash Flow (DCF) Analysis Levered
Saul Centers, Inc. (BFS)
$34.1
+0.37 (+1.10%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 231.53 | 225.21 | 239.23 | 245.86 | 251 | 256.24 | 261.60 | 267.06 | 272.65 | 278.34 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 115.38 | 78.38 | 118.38 | 121.15 | 115.08 | 117.49 | 119.94 | 122.45 | 125.01 | 127.62 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | 19.01 | 19.40 | 19.81 | 20.22 | 20.65 | 21.08 | 21.52 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 115.38 | 78.38 | 118.38 | 140.16 | 134.49 | 137.30 | 140.17 | 143.10 | 146.09 | 149.14 |
Weighted Average Cost Of Capital
Share price | $ 34.1 |
---|---|
Beta | 1.135 |
Diluted Shares Outstanding | 23.66 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 5.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.166 |
Total Debt | 961.58 |
Total Equity | 806.87 |
Total Capital | 1,768.45 |
Debt Weighting | 54.37 |
Equity Weighting | 45.63 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 231.53 | 225.21 | 239.23 | 245.86 | 251 | 256.24 | 261.60 | 267.06 | 272.65 | 278.34 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 115.38 | 78.38 | 118.38 | 121.15 | 115.08 | 117.49 | 119.94 | 122.45 | 125.01 | 127.62 |
Capital Expenditure | - | - | - | 19.01 | 19.40 | 19.81 | 20.22 | 20.65 | 21.08 | 21.52 |
Free Cash Flow | 115.38 | 78.38 | 118.38 | 140.16 | 134.49 | 137.30 | 140.17 | 143.10 | 146.09 | 149.14 |
WACC | ||||||||||
PV LFCF | 134.49 | 128.44 | 122.66 | 117.14 | 111.87 | 106.83 | ||||
SUM PV LFCF | 586.93 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.90 |
Free cash flow (t + 1) | 152.12 |
Terminal Value | 3,104.53 |
Present Value of Terminal Value | 2,223.86 |
Intrinsic Value
Enterprise Value | 2,810.78 |
---|---|
Net Debt | 948.30 |
Equity Value | 1,862.49 |
Shares Outstanding | 23.66 |
Equity Value Per Share | 78.71 |