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 303.05396.48424.18432.18514.47590.02676.67776.05890.031,020.74
Revenue (%)
Operating Cash Flow 227.46290304.04336.61382.48439.11503.60577.56662.38759.65
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----439.11503.60577.56662.38759.65

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 303.05396.48424.18432.18514.47590.02676.67776.05890.031,020.74
Operating Cash Flow 227.46290304.04336.61382.48439.11503.60577.56662.38759.65
Capital Expenditure ----------
Free Cash Flow -----439.11503.60577.56662.38759.65
WACC
PV LFCF 361.38401.22445.44494.54549.05
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