Discounted Cash Flow (DCF) Analysis Levered

Global Net Lease, Inc. (GNL-PB)

$18.5001

-0.20 (-1.07%)

All numbers are in Millions, Currency in USD

Stock DCF: 62.39 | 18.5001 | undervalue

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	282.21	306.21	330.10	391.23	378.86	408.85	441.21	476.14	513.82	554.50
Revenue (%)
Operating Cash Flow	144.60	146	176.85	192.49	191.03	206.15	222.47	240.08	259.09	279.60
Operating Cash Flow (%)
Capital Expenditure	-1.45	-17.35	-6.38	-7.92	-9.60	-10.36	-11.18	-12.07	-13.02	-14.06
Capital Expenditure (%)
Free Cash Flow	143.14	128.65	170.47	184.57	181.43	195.79	211.29	228.01	246.06	265.54

Weighted Average Cost Of Capital

Share price	$ 18.5,001
Beta	1.226
Diluted Shares Outstanding	103.69
Cost of Debt
Tax Rate	136.27
After-tax Cost of Debt	-5.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.165
Total Debt	669.97
Total Equity	1,918.20
Total Capital	2,588.17
Debt Weighting	25.89
Equity Weighting	74.11
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	282.21	306.21	330.10	391.23	378.86	408.85	441.21	476.14	513.82	554.50
Operating Cash Flow	144.60	146	176.85	192.49	191.03	206.15	222.47	240.08	259.09	279.60
Capital Expenditure	-1.45	-17.35	-6.38	-7.92	-9.60	-10.36	-11.18	-12.07	-13.02	-14.06
Free Cash Flow	143.14	128.65	170.47	184.57	181.43	195.79	211.29	228.01	246.06	265.54
WACC
PV LFCF						185.71	190.09	194.57	199.15	203.85
SUM PV LFCF										973.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.43
Free cash flow (t + 1)	270.85
Terminal Value	7,896.56
Present Value of Terminal Value	6,062.01

Intrinsic Value

Enterprise Value	7,035.38
Net Debt	566.63
Equity Value	6,468.75
Shares Outstanding	103.69
Equity Value Per Share	62.39