Discounted Cash Flow (DCF) Analysis Levered

Blackstone Mortgage Trust, Inc. (BXMT)

$23.9673

-0.63 (-2.57%)

All numbers are in Millions, Currency in USD

Stock DCF: 240.00 | 23.9673 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	303.05	396.48	424.18	432.18	514.47	590.02	676.67	776.05	890.03	1,020.74
Revenue (%)
Operating Cash Flow	227.46	290	304.04	336.61	382.48	439.11	503.60	577.56	662.38	759.65
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	439.11	503.60	577.56	662.38	759.65

Weighted Average Cost Of Capital

Share price	$ 23.9,673
Beta	1.344
Diluted Shares Outstanding	151.52
Cost of Debt
Tax Rate	0.83
After-tax Cost of Debt	1.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.960
Total Debt	17,507.06
Total Equity	3,631.57
Total Capital	21,138.63
Debt Weighting	82.82
Equity Weighting	17.18
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	303.05	396.48	424.18	432.18	514.47	590.02	676.67	776.05	890.03	1,020.74
Operating Cash Flow	227.46	290	304.04	336.61	382.48	439.11	503.60	577.56	662.38	759.65
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	439.11	503.60	577.56	662.38	759.65
WACC
PV LFCF						361.38	401.22	445.44	494.54	549.05
SUM PV LFCF										2,648.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.30
Free cash flow (t + 1)	774.85
Terminal Value	59,603.62
Present Value of Terminal Value	50,672.35

Intrinsic Value

Enterprise Value	53,320.84
Net Debt	16,955.91
Equity Value	36,364.94
Shares Outstanding	151.52
Equity Value Per Share	240.00