Discounted Cash Flow (DCF) Analysis Levered

Getty Realty Corp. (GTY)

$33.64

+0.52 (+1.57%)

All numbers are in Millions, Currency in USD

Stock DCF: 30.54 | 33.64 | overvalue

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	136.11	140.66	147.35	155.41	165.59	173.92	182.67	191.85	201.51	211.64
Revenue (%)
Operating Cash Flow	63.35	76.77	82.83	86.82	93.09	93.71	98.43	103.38	108.58	114.04
Operating Cash Flow (%)
Capital Expenditure	-3.79	-0.01	-0.28	-0.27	-1.31	-1.38	-1.44	-1.52	-1.59	-1.67
Capital Expenditure (%)
Free Cash Flow	59.55	76.76	82.55	86.55	91.78	92.34	96.98	101.86	106.98	112.37

Weighted Average Cost Of Capital

Share price	$ 33.64
Beta	0.916
Diluted Shares Outstanding	46.84
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	3.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.133
Total Debt	714.97
Total Equity	1,575.63
Total Capital	2,290.60
Debt Weighting	31.21
Equity Weighting	68.79
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	136.11	140.66	147.35	155.41	165.59	173.92	182.67	191.85	201.51	211.64
Operating Cash Flow	63.35	76.77	82.83	86.82	93.09	93.71	98.43	103.38	108.58	114.04
Capital Expenditure	-3.79	-0.01	-0.28	-0.27	-1.31	-1.38	-1.44	-1.52	-1.59	-1.67
Free Cash Flow	59.55	76.76	82.55	86.55	91.78	92.34	96.98	101.86	106.98	112.37
WACC
PV LFCF						86.46	85.03	83.62	82.23	80.87
SUM PV LFCF										418.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.80
Free cash flow (t + 1)	114.61
Terminal Value	2,387.79
Present Value of Terminal Value	1,718.46

Intrinsic Value

Enterprise Value	2,136.66
Net Debt	706.26
Equity Value	1,430.40
Shares Outstanding	46.84
Equity Value Per Share	30.54