Discounted Cash Flow (DCF) Analysis Levered
Four Corners Property Trust, Inc. (FCPT)
$25.31
+0.04 (+0.16%)
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 | 143.63 | 160.23 | 170.94 | 199.38 | 223.19 | 249.32 | 278.50 | 311.10 | 347.51 | 388.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 80.88 | 104.67 | 91.46 | 122.42 | 142 | 149.67 | 167.19 | 186.76 | 208.62 | 233.04 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -247.05 | -207.35 | -257.62 | -300.47 | -336.36 | -375.73 | -419.70 | -468.83 | -523.70 | -585 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -166.16 | -102.68 | -166.16 | -178.05 | -194.36 | -226.06 | -252.52 | -282.07 | -315.09 | -351.97 |
Weighted Average Cost Of Capital
| Share price | $ 25.31 |
|---|---|
| Beta | 0.928 |
| Diluted Shares Outstanding | 81.81 |
| Cost of Debt | |
| Tax Rate | 0.24 |
| After-tax Cost of Debt | 3.65% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.679 |
| Total Debt | 995.48 |
| Total Equity | 2,070.54 |
| Total Capital | 3,066.01 |
| Debt Weighting | 32.47 |
| Equity Weighting | 67.53 |
| 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 | 143.63 | 160.23 | 170.94 | 199.38 | 223.19 | 249.32 | 278.50 | 311.10 | 347.51 | 388.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 80.88 | 104.67 | 91.46 | 122.42 | 142 | 149.67 | 167.19 | 186.76 | 208.62 | 233.04 |
| Capital Expenditure | -247.05 | -207.35 | -257.62 | -300.47 | -336.36 | -375.73 | -419.70 | -468.83 | -523.70 | -585 |
| Free Cash Flow | -166.16 | -102.68 | -166.16 | -178.05 | -194.36 | -226.06 | -252.52 | -282.07 | -315.09 | -351.97 |
| WACC | ||||||||||
| PV LFCF | -212.52 | -223.18 | -234.37 | -246.12 | -258.47 | |||||
| SUM PV LFCF | -1,174.66 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.37 |
| Free cash flow (t + 1) | -359.01 |
| Terminal Value | -8,215.26 |
| Present Value of Terminal Value | -6,032.89 |
Intrinsic Value
| Enterprise Value | -7,207.55 |
|---|---|
| Net Debt | 969.18 |
| Equity Value | -8,176.73 |
| Shares Outstanding | 81.81 |
| Equity Value Per Share | -99.95 |