Discounted Cash Flow (DCF) Analysis Levered
Gladstone Commercial Corporation (GOOD)
$11.455
+0.09 (+0.75%)
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 | 106.80 | 114.39 | 133.15 | 137.69 | 148.98 | 162.06 | 176.29 | 191.77 | 208.60 | 226.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 55.60 | 60.19 | 65.49 | 70.13 | 69.18 | 81.43 | 88.58 | 96.36 | 104.82 | 114.02 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -32.26 | -127.16 | -94.12 | -97.32 | -105.30 | -114.55 | -124.61 | -135.55 | -147.45 | -160.39 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 23.34 | -66.96 | -28.62 | -27.20 | -36.13 | -33.12 | -36.03 | -39.19 | -42.63 | -46.37 |
Weighted Average Cost Of Capital
| Share price | $ 11.455 |
|---|---|
| Beta | 1.113 |
| Diluted Shares Outstanding | 38.95 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 8.90% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.907 |
| Total Debt | 364.70 |
| Total Equity | 446.18 |
| Total Capital | 810.88 |
| Debt Weighting | 44.98 |
| Equity Weighting | 55.02 |
| 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 | 106.80 | 114.39 | 133.15 | 137.69 | 148.98 | 162.06 | 176.29 | 191.77 | 208.60 | 226.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 55.60 | 60.19 | 65.49 | 70.13 | 69.18 | 81.43 | 88.58 | 96.36 | 104.82 | 114.02 |
| Capital Expenditure | -32.26 | -127.16 | -94.12 | -97.32 | -105.30 | -114.55 | -124.61 | -135.55 | -147.45 | -160.39 |
| Free Cash Flow | 23.34 | -66.96 | -28.62 | -27.20 | -36.13 | -33.12 | -36.03 | -39.19 | -42.63 | -46.37 |
| WACC | ||||||||||
| PV LFCF | -25.64 | -25.62 | -25.59 | -25.56 | -25.53 | |||||
| SUM PV LFCF | -151.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.90 |
| Free cash flow (t + 1) | -47.30 |
| Terminal Value | -685.50 |
| Present Value of Terminal Value | -447.58 |
Intrinsic Value
| Enterprise Value | -599.30 |
|---|---|
| Net Debt | 353.04 |
| Equity Value | -952.34 |
| Shares Outstanding | 38.95 |
| Equity Value Per Share | -24.45 |