Discounted Cash Flow (DCF) Analysis Levered

Saul Centers, Inc. (BFS)

$34.1

+0.37 (+1.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 78.71 | 34.1 | undervalue

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 231.53225.21239.23245.86251256.24261.60267.06272.65278.34
Revenue (%)
Operating Cash Flow 115.3878.38118.38121.15115.08117.49119.94122.45125.01127.62
Operating Cash Flow (%)
Capital Expenditure ---19.0119.4019.8120.2220.6521.0821.52
Capital Expenditure (%)
Free Cash Flow 115.3878.38118.38140.16134.49137.30140.17143.10146.09149.14

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 231.53225.21239.23245.86251256.24261.60267.06272.65278.34
Operating Cash Flow 115.3878.38118.38121.15115.08117.49119.94122.45125.01127.62
Capital Expenditure ---19.0119.4019.8120.2220.6521.0821.52
Free Cash Flow 115.3878.38118.38140.16134.49137.30140.17143.10146.09149.14
WACC
PV LFCF 134.49128.44122.66117.14111.87106.83
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