Discounted Cash Flow (DCF) Analysis Levered
CTO Realty Growth, Inc. (CTO)
$16.49
+0.53 (+3.32%)
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 | 86.69 | 44.94 | 56.38 | 70.27 | 82.32 | 86.25 | 90.36 | 94.67 | 99.19 | 103.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 48.66 | 16.41 | 16.93 | 27.58 | 56.10 | 39.68 | 41.58 | 43.56 | 45.64 | 47.81 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -109.39 | -150.70 | -167.81 | -177.83 | -208.32 | -218.25 | -228.66 | -239.57 | -251 | -262.97 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -60.74 | -134.29 | -150.88 | -150.25 | -152.22 | -178.57 | -187.09 | -196.01 | -205.36 | -215.15 |
Weighted Average Cost Of Capital
| Share price | $ 16.49 |
|---|---|
| Beta | 0.660 |
| Diluted Shares Outstanding | 18.51 |
| Cost of Debt | |
| Tax Rate | -862.80 |
| After-tax Cost of Debt | 2.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.807 |
| Total Debt | 445.65 |
| Total Equity | 305.20 |
| Total Capital | 750.85 |
| Debt Weighting | 59.35 |
| Equity Weighting | 40.65 |
| 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 | 86.69 | 44.94 | 56.38 | 70.27 | 82.32 | 86.25 | 90.36 | 94.67 | 99.19 | 103.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 48.66 | 16.41 | 16.93 | 27.58 | 56.10 | 39.68 | 41.58 | 43.56 | 45.64 | 47.81 |
| Capital Expenditure | -109.39 | -150.70 | -167.81 | -177.83 | -208.32 | -218.25 | -228.66 | -239.57 | -251 | -262.97 |
| Free Cash Flow | -60.74 | -134.29 | -150.88 | -150.25 | -152.22 | -178.57 | -187.09 | -196.01 | -205.36 | -215.15 |
| WACC | ||||||||||
| PV LFCF | -171.47 | -172.51 | -173.55 | -174.60 | -175.66 | |||||
| SUM PV LFCF | -867.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.14 |
| Free cash flow (t + 1) | -219.46 |
| Terminal Value | -10,255.04 |
| Present Value of Terminal Value | -8,372.39 |
Intrinsic Value
| Enterprise Value | -9,240.18 |
|---|---|
| Net Debt | 426.31 |
| Equity Value | -9,666.49 |
| Shares Outstanding | 18.51 |
| Equity Value Per Share | -522.28 |