Discounted Cash Flow (DCF) Analysis Levered
Mack-Cali Realty Corporation (CLI)
$18.35
-0.04 (-0.22%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 613.40 | 616.20 | 530.61 | 350.93 | 313.56 | 268.14 | 229.30 | 196.08 | 167.67 | 143.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 100.11 | 196.14 | 167.07 | 131.84 | 85.42 | 77.46 | 66.24 | 56.65 | 48.44 | 41.42 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -736.41 | -739.77 | -637.01 | -421.31 | -376.44 | -321.91 | -275.28 | -235.40 | -201.30 | -172.14 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -636.30 | -543.63 | -469.94 | -289.47 | -291.02 | -244.45 | -209.03 | -178.75 | -152.86 | -130.72 |
Weighted Average Cost Of Capital
| Share price | $ 18.35 |
|---|---|
| Beta | 1.005 |
| Diluted Shares Outstanding | 100.26 |
| Cost of Debt | |
| Tax Rate | 55.52 |
| After-tax Cost of Debt | 1.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.223 |
| Total Debt | 2,801.80 |
| Total Equity | 1,839.77 |
| Total Capital | 4,641.57 |
| Debt Weighting | 60.36 |
| Equity Weighting | 39.64 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 613.40 | 616.20 | 530.61 | 350.93 | 313.56 | 268.14 | 229.30 | 196.08 | 167.67 | 143.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 100.11 | 196.14 | 167.07 | 131.84 | 85.42 | 77.46 | 66.24 | 56.65 | 48.44 | 41.42 |
| Capital Expenditure | -736.41 | -739.77 | -637.01 | -421.31 | -376.44 | -321.91 | -275.28 | -235.40 | -201.30 | -172.14 |
| Free Cash Flow | -636.30 | -543.63 | -469.94 | -289.47 | -291.02 | -244.45 | -209.03 | -178.75 | -152.86 | -130.72 |
| WACC | ||||||||||
| PV LFCF | -234.95 | -193.12 | -158.73 | -130.46 | -107.23 | |||||
| SUM PV LFCF | -824.49 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.04 |
| Free cash flow (t + 1) | -133.33 |
| Terminal Value | -6,535.76 |
| Present Value of Terminal Value | -5,361.60 |
Intrinsic Value
| Enterprise Value | -6,186.09 |
|---|---|
| Net Debt | 2,763.70 |
| Equity Value | -8,949.79 |
| Shares Outstanding | 100.26 |
| Equity Value Per Share | -89.27 |