Discounted Cash Flow (DCF) Analysis Levered

Empire State Realty Trust, Inc. (ESRT)

$6.05

-0.04 (-0.66%)
Financial Summary
Financial Statements
Quarter Financials
Chart
Financial Ratios
Profile
Historical Data
DCFDCF Levered
All numbers are in Millions, Currency in USD
Stock DCF: -8.28 | 6.05 | overvalue

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 731.51731.34609.23624.09727.04731.07735.12739.19743.28747.40
Revenue (%)
Operating Cash Flow 279.02232.59182.29212.49211.17238.27239.59240.92242.25243.59
Operating Cash Flow (%)
Capital Expenditure -243.02-250.26-205.43-210.45-245.16-246.52-247.88-249.26-250.64-252.03
Capital Expenditure (%)
Free Cash Flow 36-17.67-23.142.04-33.99-8.25-8.29-8.34-8.39-8.43

Weighted Average Cost Of Capital

Share price $ 6.05
Beta 1.210
Diluted Shares Outstanding 269.95
Cost of Debt
Tax Rate 37.24
After-tax Cost of Debt 2.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.274
Total Debt 2,274.81
Total Equity 1,633.19
Total Capital 3,907.99
Debt Weighting 58.21
Equity Weighting 41.79
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 731.51731.34609.23624.09727.04731.07735.12739.19743.28747.40
Operating Cash Flow 279.02232.59182.29212.49211.17238.27239.59240.92242.25243.59
Capital Expenditure -243.02-250.26-205.43-210.45-245.16-246.52-247.88-249.26-250.64-252.03
Free Cash Flow 36-17.67-23.142.04-33.99-8.25-8.29-8.34-8.39-8.43
WACC
PV LFCF -7.82-7.45-7.10-6.77-6.45
SUM PV LFCF -35.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.50
Free cash flow (t + 1) -8.60
Terminal Value -245.73
Present Value of Terminal Value -188.01

Intrinsic Value

Enterprise Value -223.60
Net Debt 2,010.37
Equity Value -2,233.98
Shares Outstanding 269.95
Equity Value Per Share -8.28