Discounted Cash Flow (DCF) Analysis Levered

CoreSite Realty Corporation (COR)

$169.41

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -26.25 | 169.41 | overvalue

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	400.35	481.82	544.39	572.73	606.82	674.32	749.33	832.68	925.31	1,028.24
Revenue (%)
Operating Cash Flow	170.52	209.36	258.76	251.59	271.08	299.64	332.97	370.01	411.16	456.90
Operating Cash Flow (%)
Capital Expenditure	-293.36	-166.11	-239.71	-342.19	-6.23	-286.67	-318.55	-353.99	-393.36	-437.12
Capital Expenditure (%)
Free Cash Flow	-122.83	43.24	19.05	-90.60	264.85	12.97	14.41	16.02	17.80	19.78

Weighted Average Cost Of Capital

Share price	$ 169.41
Beta	0.299
Diluted Shares Outstanding	40.63
Cost of Debt
Tax Rate	16.23
After-tax Cost of Debt	1.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.807
Total Debt	1,905.32
Total Equity	6,883.81
Total Capital	8,789.12
Debt Weighting	21.68
Equity Weighting	78.32
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	400.35	481.82	544.39	572.73	606.82	674.32	749.33	832.68	925.31	1,028.24
Operating Cash Flow	170.52	209.36	258.76	251.59	271.08	299.64	332.97	370.01	411.16	456.90
Capital Expenditure	-293.36	-166.11	-239.71	-342.19	-6.23	-286.67	-318.55	-353.99	-393.36	-437.12
Free Cash Flow	-122.83	43.24	19.05	-90.60	264.85	12.97	14.41	16.02	17.80	19.78
WACC
PV LFCF						10.16	10.84	11.56	12.33	13.16
SUM PV LFCF										71.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.16
Free cash flow (t + 1)	20.18
Terminal Value	934.03
Present Value of Terminal Value	761.83

Intrinsic Value

Enterprise Value	832.99
Net Debt	1,899.77
Equity Value	-1,066.78
Shares Outstanding	40.63
Equity Value Per Share	-26.25