Discounted Cash Flow (DCF) Analysis Levered

Ascott Residence Trust (HMN.SI)

$0.92

-0.01 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.26 | 0.92 | 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 514.27514.96369.87394.41621.24677.32738.45805.10877.77957
Revenue (%)
Operating Cash Flow 226.6722974.10145.63282.32258.66282.01307.46335.21365.47
Operating Cash Flow (%)
Capital Expenditure -27.58-31.66-31.34-106.87-48.53-74.36-81.07-88.39-96.36-105.06
Capital Expenditure (%)
Free Cash Flow 199.09197.3442.7638.75233.79184.30200.94219.07238.85260.41

Weighted Average Cost Of Capital

Share price $ 0.92
Beta 0.968
Diluted Shares Outstanding 3,358.06
Cost of Debt
Tax Rate 14.04
After-tax Cost of Debt 3.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.854
Total Debt 3,145.52
Total Equity 3,089.42
Total Capital 6,234.94
Debt Weighting 50.45
Equity Weighting 49.55
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 514.27514.96369.87394.41621.24677.32738.45805.10877.77957
Operating Cash Flow 226.6722974.10145.63282.32258.66282.01307.46335.21365.47
Capital Expenditure -27.58-31.66-31.34-106.87-48.53-74.36-81.07-88.39-96.36-105.06
Free Cash Flow 199.09197.3442.7638.75233.79184.30200.94219.07238.85260.41
WACC
PV LFCF 173.46177.99182.64187.42192.31
SUM PV LFCF 913.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.25
Free cash flow (t + 1) 268.22
Terminal Value 8,252.89
Present Value of Terminal Value 6,094.82

Intrinsic Value

Enterprise Value 7,008.65
Net Debt 2,781.89
Equity Value 4,226.76
Shares Outstanding 3,358.06
Equity Value Per Share 1.26