Discounted Cash Flow (DCF) Analysis Levered

Clipper Realty Inc. (CLPR)

$7.14

-0.46 (-6.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 83.72 | 7.14 | 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 103.95110116.17122.85122.73127.97133.43139.13145.07151.26
Revenue (%)
Operating Cash Flow 10.4427.2623.7715.9910.8219.7420.5821.4622.3823.33
Operating Cash Flow (%)
Capital Expenditure -187.66-39.88-74.90-115.17-115.06-119.97-125.10-130.44-136.01-141.81
Capital Expenditure (%)
Free Cash Flow -177.22-12.62-51.13-99.18-104.24-100.24-104.51-108.98-113.63-118.48

Weighted Average Cost Of Capital

Share price $ 7.14
Beta 0.988
Diluted Shares Outstanding 16.06
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -3.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.543
Total Debt 1,131.15
Total Equity 114.69
Total Capital 1,245.84
Debt Weighting 90.79
Equity Weighting 9.21
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 103.95110116.17122.85122.73127.97133.43139.13145.07151.26
Operating Cash Flow 10.4427.2623.7715.9910.8219.7420.5821.4622.3823.33
Capital Expenditure -187.66-39.88-74.90-115.17-115.06-119.97-125.10-130.44-136.01-141.81
Free Cash Flow -177.22-12.62-51.13-99.18-104.24-100.24-104.51-108.98-113.63-118.48
WACC
PV LFCF -102.84-110.01-117.69-125.90-134.68
SUM PV LFCF -591.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -2.53
Free cash flow (t + 1) -120.85
Terminal Value 2,667.81
Present Value of Terminal Value 3,032.49

Intrinsic Value

Enterprise Value 2,441.39
Net Debt 1,096.63
Equity Value 1,344.76
Shares Outstanding 16.06
Equity Value Per Share 83.72