Discounted Cash Flow (DCF) Analysis Levered

Empire State Realty OP, L.P. (ESBA)

$7.53

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.18 | 7.53 | overvalue

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 712.47731.51731.34609.23624.09605.98588.40571.32554.75538.65
Revenue (%)
Operating Cash Flow 191.45279.02232.59182.29212.49194.87189.21183.72178.39173.22
Operating Cash Flow (%)
Capital Expenditure -222.98-243.02-250.25-143.12-190.71-185.17-179.80-174.58-169.51-164.60
Capital Expenditure (%)
Free Cash Flow -31.5236-17.6639.1721.789.709.429.148.888.62

Weighted Average Cost Of Capital

Share price $ 7.53
Beta 1.138
Diluted Shares Outstanding 277.72
Cost of Debt
Tax Rate 11.85
After-tax Cost of Debt 3.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.878
Total Debt 2,339.26
Total Equity 2,091.20
Total Capital 4,430.46
Debt Weighting 52.80
Equity Weighting 47.20
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 712.47731.51731.34609.23624.09605.98588.40571.32554.75538.65
Operating Cash Flow 191.45279.02232.59182.29212.49194.87189.21183.72178.39173.22
Capital Expenditure -222.98-243.02-250.25-143.12-190.71-185.17-179.80-174.58-169.51-164.60
Free Cash Flow -31.5236-17.6639.1721.789.709.429.148.888.62
WACC
PV LFCF 9.148.377.667.016.42
SUM PV LFCF 38.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.07
Free cash flow (t + 1) 8.79
Terminal Value 216.04
Present Value of Terminal Value 160.90

Intrinsic Value

Enterprise Value 199.51
Net Debt 1,915.56
Equity Value -1,716.05
Shares Outstanding 277.72
Equity Value Per Share -6.18