Discounted Cash Flow (DCF) Analysis Levered
Empire State Realty Trust, Inc. (ESRT)
$6.155
-0.07 (-1.04%)
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 | 731.51 | 731.34 | 609.23 | 624.09 | 727.04 | 731.07 | 735.12 | 739.19 | 743.28 | 747.40 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 279.02 | 232.59 | 182.29 | 212.49 | 211.17 | 238.27 | 239.59 | 240.92 | 242.25 | 243.59 |
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 | -23.14 | 2.04 | -33.99 | -8.25 | -8.29 | -8.34 | -8.39 | -8.43 |
Weighted Average Cost Of Capital
Share price | $ 6.155 |
---|---|
Beta | 1.199 |
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 | 9.295 |
Total Debt | 2,274.81 |
Total Equity | 1,661.53 |
Total Capital | 3,936.34 |
Debt Weighting | 57.79 |
Equity Weighting | 42.21 |
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 | 731.51 | 731.34 | 609.23 | 624.09 | 727.04 | 731.07 | 735.12 | 739.19 | 743.28 | 747.40 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 279.02 | 232.59 | 182.29 | 212.49 | 211.17 | 238.27 | 239.59 | 240.92 | 242.25 | 243.59 |
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 | -23.14 | 2.04 | -33.99 | -8.25 | -8.29 | -8.34 | -8.39 | -8.43 |
WACC | ||||||||||
PV LFCF | -5.97 | -5.69 | -5.42 | -5.16 | -4.92 | |||||
SUM PV LFCF | -35.55 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.54 |
Free cash flow (t + 1) | -8.60 |
Terminal Value | -242.95 |
Present Value of Terminal Value | -185.54 |
Intrinsic Value
Enterprise Value | -221.09 |
---|---|
Net Debt | 2,010.37 |
Equity Value | -2,231.46 |
Shares Outstanding | 269.95 |
Equity Value Per Share | -8.27 |