Discounted Cash Flow (DCF) Analysis Levered

Equity LifeStyle Properties, Inc. (ELS)

$66.82

+0.10 (+0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 48.56 | 66.82 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,020.521,080.271,260.121,431.101,489.421,638.911,803.411,984.412,183.592,402.75
Revenue (%)
Operating Cash Flow 443.52466.54595.05599.34513.76689.14758.31834.42918.171,010.32
Operating Cash Flow (%)
Capital Expenditure -257.99-217.08-290.29-372.80-351.74-387.04-425.89-468.63-515.67-567.42
Capital Expenditure (%)
Free Cash Flow 185.53249.45304.76226.54162.03302.10332.42365.79402.50442.90

Weighted Average Cost Of Capital

Share price $ 66.82
Beta 0.699
Diluted Shares Outstanding 195.43
Cost of Debt
Tax Rate -3.01
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.584
Total Debt 3,387.98
Total Equity 13,058.57
Total Capital 16,446.55
Debt Weighting 20.60
Equity Weighting 79.40
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,020.521,080.271,260.121,431.101,489.421,638.911,803.411,984.412,183.592,402.75
Operating Cash Flow 443.52466.54595.05599.34513.76689.14758.31834.42918.171,010.32
Capital Expenditure -257.99-217.08-290.29-372.80-351.74-387.04-425.89-468.63-515.67-567.42
Free Cash Flow 185.53249.45304.76226.54162.03302.10332.42365.79402.50442.90
WACC
PV LFCF 282.60290.89299.43308.22317.26
SUM PV LFCF 1,498.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.90
Free cash flow (t + 1) 460.61
Terminal Value 15,883.21
Present Value of Terminal Value 11,377.58

Intrinsic Value

Enterprise Value 12,875.98
Net Debt 3,385.34
Equity Value 9,490.64
Shares Outstanding 195.43
Equity Value Per Share 48.56