Discounted Cash Flow (DCF) Analysis Levered
Host Hotels & Resorts, Inc. (HST)
$18.53
-0.10 (-0.54%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 5,387 | 5,524 | 5,469 | 1,620 | 2,890 | 2,959.10 | 3,029.85 | 3,102.30 | 3,176.47 | 3,252.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,230 | 1,300 | 1,250 | -307 | 292 | 357.32 | 365.86 | 374.61 | 383.56 | 392.73 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -277 | -474 | -558 | -499 | -427 | -411.33 | -421.17 | -431.24 | -441.55 | -452.11 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 953 | 826 | 692 | -806 | -135 | -54.02 | -55.31 | -56.63 | -57.99 | -59.37 |
Weighted Average Cost Of Capital
| Share price | $ 18.53 |
|---|---|
| Beta | 1.284 |
| Diluted Shares Outstanding | 710.30 |
| Cost of Debt | |
| Tax Rate | 89.22 |
| After-tax Cost of Debt | 0.38% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.609 |
| Total Debt | 5,455 |
| Total Equity | 13,161.86 |
| Total Capital | 18,616.86 |
| Debt Weighting | 29.30 |
| Equity Weighting | 70.70 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 5,387 | 5,524 | 5,469 | 1,620 | 2,890 | 2,959.10 | 3,029.85 | 3,102.30 | 3,176.47 | 3,252.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,230 | 1,300 | 1,250 | -307 | 292 | 357.32 | 365.86 | 374.61 | 383.56 | 392.73 |
| Capital Expenditure | -277 | -474 | -558 | -499 | -427 | -411.33 | -421.17 | -431.24 | -441.55 | -452.11 |
| Free Cash Flow | 953 | 826 | 692 | -806 | -135 | -54.02 | -55.31 | -56.63 | -57.99 | -59.37 |
| WACC | ||||||||||
| PV LFCF | -50.53 | -48.40 | -46.36 | -44.40 | -42.53 | |||||
| SUM PV LFCF | -232.23 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.90 |
| Free cash flow (t + 1) | -60.56 |
| Terminal Value | -1,235.94 |
| Present Value of Terminal Value | -885.33 |
Intrinsic Value
| Enterprise Value | -1,117.56 |
|---|---|
| Net Debt | 4,648 |
| Equity Value | -5,765.56 |
| Shares Outstanding | 710.30 |
| Equity Value Per Share | -8.12 |