Discounted Cash Flow (DCF) Analysis Levered

CorePoint Lodging Inc. (CPLG)

$15.96

+0.25 (+1.59%)

All numbers are in Millions, Currency in USD

Stock DCF: -10.15 | 15.96 | 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	871	980.63	862	812	411	354.80	306.29	264.40	228.25	197.04
Revenue (%)
Operating Cash Flow	264	182.08	111	116	-38	47.40	40.92	35.32	30.49	26.32
Operating Cash Flow (%)
Capital Expenditure	71	32.62	6	161	-24	18.56	16.03	13.83	11.94	10.31
Capital Expenditure (%)
Free Cash Flow	335	214.70	117	277	-62	65.96	56.94	49.16	42.43	36.63

Weighted Average Cost Of Capital

Share price	$ 15.96
Beta	1.815
Diluted Shares Outstanding	56.60
Cost of Debt
Tax Rate	4.81
After-tax Cost of Debt	2.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.377
Total Debt	1,620
Total Equity	903.34
Total Capital	2,523.34
Debt Weighting	64.20
Equity Weighting	35.80
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	871	980.63	862	812	411	354.80	306.29	264.40	228.25	197.04
Operating Cash Flow	264	182.08	111	116	-38	47.40	40.92	35.32	30.49	26.32
Capital Expenditure	71	32.62	6	161	-24	18.56	16.03	13.83	11.94	10.31
Free Cash Flow	335	214.70	117	277	-62	65.96	56.94	49.16	42.43	36.63
WACC
PV LFCF						62.20	50.63	41.21	33.55	27.31
SUM PV LFCF										214.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.05
Free cash flow (t + 1)	37.37
Terminal Value	922.60
Present Value of Terminal Value	687.79

Intrinsic Value

Enterprise Value	902.70
Net Debt	1,477
Equity Value	-574.30
Shares Outstanding	56.60
Equity Value Per Share	-10.15