Discounted Cash Flow (DCF) Analysis Levered
Clipper Realty Inc. (CLPR)
$5.27
+0.08 (+1.54%)
All numbers are in Millions, Currency in USD
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 | 110 | 116.17 | 122.85 | 122.73 | 129.75 | 135.25 | 141 | 146.98 | 153.22 | 159.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 27.26 | 23.77 | 15.99 | 10.82 | 20.14 | 22.34 | 23.29 | 24.28 | 25.31 | 26.39 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -39.88 | -42.11 | -44.54 | -44.49 | -47.04 | -49.03 | -51.12 | -53.28 | -55.55 | -57.91 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -12.62 | -18.34 | -28.55 | -33.67 | -26.90 | -26.69 | -27.82 | -29 | -30.24 | -31.52 |
Weighted Average Cost Of Capital
| Share price | $ 5.27 |
|---|---|
| Beta | 1.105 |
| Diluted Shares Outstanding | 16.06 |
| Cost of Debt | |
| Tax Rate | 56.16 |
| After-tax Cost of Debt | 1.86% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.454 |
| Total Debt | 1,161.59 |
| Total Equity | 84.65 |
| Total Capital | 1,246.24 |
| Debt Weighting | 93.21 |
| Equity Weighting | 6.79 |
| 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 | 110 | 116.17 | 122.85 | 122.73 | 129.75 | 135.25 | 141 | 146.98 | 153.22 | 159.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 27.26 | 23.77 | 15.99 | 10.82 | 20.14 | 22.34 | 23.29 | 24.28 | 25.31 | 26.39 |
| Capital Expenditure | -39.88 | -42.11 | -44.54 | -44.49 | -47.04 | -49.03 | -51.12 | -53.28 | -55.55 | -57.91 |
| Free Cash Flow | -12.62 | -18.34 | -28.55 | -33.67 | -26.90 | -26.69 | -27.82 | -29 | -30.24 | -31.52 |
| WACC | ||||||||||
| PV LFCF | -26.07 | -26.55 | -27.04 | -27.53 | -28.04 | |||||
| SUM PV LFCF | -135.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.37 |
| Free cash flow (t + 1) | -32.15 |
| Terminal Value | -8,689.01 |
| Present Value of Terminal Value | -7,728.71 |
Intrinsic Value
| Enterprise Value | -7,863.93 |
|---|---|
| Net Debt | 1,143.44 |
| Equity Value | -9,007.37 |
| Shares Outstanding | 16.06 |
| Equity Value Per Share | -560.75 |