Discounted Cash Flow (DCF) Analysis Levered
Gaming and Leisure Properties, Inc. (GLPI)
$52.06
+1.15 (+2.26%)
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 | 1,055.73 | 1,153.47 | 1,153.17 | 1,216.35 | 1,311.69 | 1,385.63 | 1,463.74 | 1,546.25 | 1,633.42 | 1,725.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 654.43 | 750.30 | 428.08 | 803.78 | 920.13 | 832.45 | 879.38 | 928.95 | 981.32 | 1,036.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,243.47 | -3.02 | -3.60 | -16.20 | -24.02 | -336.76 | -355.75 | -375.80 | -396.99 | -419.37 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -589.03 | 747.28 | 424.47 | 787.58 | 896.10 | 495.69 | 523.63 | 553.15 | 584.33 | 617.27 |
Weighted Average Cost Of Capital
| Share price | $ 52.06 |
|---|---|
| Beta | 1.003 |
| Diluted Shares Outstanding | 236.23 |
| Cost of Debt | |
| Tax Rate | 4.95 |
| After-tax Cost of Debt | 4.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.229 |
| Total Debt | 6,364.23 |
| Total Equity | 12,298.19 |
| Total Capital | 18,662.41 |
| Debt Weighting | 34.10 |
| Equity Weighting | 65.90 |
| 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 | 1,055.73 | 1,153.47 | 1,153.17 | 1,216.35 | 1,311.69 | 1,385.63 | 1,463.74 | 1,546.25 | 1,633.42 | 1,725.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 654.43 | 750.30 | 428.08 | 803.78 | 920.13 | 832.45 | 879.38 | 928.95 | 981.32 | 1,036.64 |
| Capital Expenditure | -1,243.47 | -3.02 | -3.60 | -16.20 | -24.02 | -336.76 | -355.75 | -375.80 | -396.99 | -419.37 |
| Free Cash Flow | -589.03 | 747.28 | 424.47 | 787.58 | 896.10 | 495.69 | 523.63 | 553.15 | 584.33 | 617.27 |
| WACC | ||||||||||
| PV LFCF | 463.26 | 457.36 | 451.53 | 445.78 | 440.11 | |||||
| SUM PV LFCF | 2,258.04 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.00 |
| Free cash flow (t + 1) | 629.62 |
| Terminal Value | 12,592.34 |
| Present Value of Terminal Value | 8,978.16 |
Intrinsic Value
| Enterprise Value | 11,236.20 |
|---|---|
| Net Debt | 6,125.14 |
| Equity Value | 5,111.06 |
| Shares Outstanding | 236.23 |
| Equity Value Per Share | 21.64 |