Discounted Cash Flow (DCF) Analysis Levered

Saul Centers, Inc. (BFS)

$35.57

+0.20 (+0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 47.97 | 35.57 | undervalue

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 227.90231.53225.21239.23245.86250.69255.61260.64265.76270.98
Revenue (%)
Operating Cash Flow 110.34115.3878.38118.38121.15116.23118.51120.84123.21125.63
Operating Cash Flow (%)
Capital Expenditure ----19.0119.3819.7620.1520.5420.95
Capital Expenditure (%)
Free Cash Flow 110.34115.3878.38118.38140.16135.61138.27140.99143.76146.58

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 227.90231.53225.21239.23245.86250.69255.61260.64265.76270.98
Operating Cash Flow 110.34115.3878.38118.38121.15116.23118.51120.84123.21125.63
Capital Expenditure ----19.0119.3819.7620.1520.5420.95
Free Cash Flow 110.34115.3878.38118.38140.16135.61138.27140.99143.76146.58
WACC
PV LFCF 127.01121.29115.83110.62105.64
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