Discounted Cash Flow (DCF) Analysis Levered
Host Hotels & Resorts, Inc. (HST)
$16.49
+0.70 (+4.43%)
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 | 5,524 | 5,469 | 1,620 | 2,890 | 4,907 | 5,849.31 | 6,972.57 | 8,311.53 | 9,907.62 | 11,810.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,300 | 1,250 | -307 | 292 | 1,416 | 776.78 | 925.95 | 1,103.77 | 1,315.73 | 1,568.39 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -474 | -558 | -499 | -427 | -504 | -873.09 | -1,040.76 | -1,240.62 | -1,478.86 | -1,762.85 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 826 | 692 | -806 | -135 | 912 | -96.31 | -114.80 | -136.85 | -163.13 | -194.46 |
Weighted Average Cost Of Capital
| Share price | $ 16.49 |
|---|---|
| Beta | 1.317 |
| Diluted Shares Outstanding | 717.50 |
| Cost of Debt | |
| Tax Rate | 5.38 |
| After-tax Cost of Debt | 3.08% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.709 |
| Total Debt | 4,783 |
| Total Equity | 11,831.57 |
| Total Capital | 16,614.57 |
| Debt Weighting | 28.79 |
| Equity Weighting | 71.21 |
| 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 | 5,524 | 5,469 | 1,620 | 2,890 | 4,907 | 5,849.31 | 6,972.57 | 8,311.53 | 9,907.62 | 11,810.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,300 | 1,250 | -307 | 292 | 1,416 | 776.78 | 925.95 | 1,103.77 | 1,315.73 | 1,568.39 |
| Capital Expenditure | -474 | -558 | -499 | -427 | -504 | -873.09 | -1,040.76 | -1,240.62 | -1,478.86 | -1,762.85 |
| Free Cash Flow | 826 | 692 | -806 | -135 | 912 | -96.31 | -114.80 | -136.85 | -163.13 | -194.46 |
| WACC | ||||||||||
| PV LFCF | -89.34 | -98.79 | -109.24 | -120.80 | -133.58 | |||||
| SUM PV LFCF | -551.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.80 |
| Free cash flow (t + 1) | -198.35 |
| Terminal Value | -3,419.77 |
| Present Value of Terminal Value | -2,349.11 |
Intrinsic Value
| Enterprise Value | -2,900.86 |
|---|---|
| Net Debt | 4,116 |
| Equity Value | -7,016.86 |
| Shares Outstanding | 717.50 |
| Equity Value Per Share | -9.78 |