Discounted Cash Flow (DCF) Analysis Levered
Innovative Industrial Properties, I... (IIPR)
$81.51
+0.01 (+0.01%)
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 | 14.79 | 44.67 | 116.90 | 204.55 | 276.36 | 603.75 | 1,318.99 | 2,881.56 | 6,295.24 | 13,752.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 15.69 | 44.93 | 110.81 | 188.75 | 234.13 | 577.81 | 1,262.32 | 2,757.74 | 6,024.73 | 13,162.02 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | -343.92 | -529.83 | -1,251.04 | -1,690.21 | -3,692.55 | -8,066.97 | -17,623.63 | -38,501.70 | -84,113.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 15.69 | -298.98 | -419.01 | -1,062.29 | -1,456.08 | -3,114.74 | -6,804.66 | -14,865.89 | -32,476.97 | -70,951.26 |
Weighted Average Cost Of Capital
| Share price | $ 81.51 |
|---|---|
| Beta | 1.581 |
| Diluted Shares Outstanding | 27.66 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 6.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.900 |
| Total Debt | 301.50 |
| Total Equity | 2,254.82 |
| Total Capital | 2,556.32 |
| Debt Weighting | 11.79 |
| Equity Weighting | 88.21 |
| 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 | 14.79 | 44.67 | 116.90 | 204.55 | 276.36 | 603.75 | 1,318.99 | 2,881.56 | 6,295.24 | 13,752.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 15.69 | 44.93 | 110.81 | 188.75 | 234.13 | 577.81 | 1,262.32 | 2,757.74 | 6,024.73 | 13,162.02 |
| Capital Expenditure | - | -343.92 | -529.83 | -1,251.04 | -1,690.21 | -3,692.55 | -8,066.97 | -17,623.63 | -38,501.70 | -84,113.28 |
| Free Cash Flow | 15.69 | -298.98 | -419.01 | -1,062.29 | -1,456.08 | -3,114.74 | -6,804.66 | -14,865.89 | -32,476.97 | -70,951.26 |
| WACC | ||||||||||
| PV LFCF | -2,800.77 | -5,501.97 | -10,808.35 | -21,232.45 | -41,710.07 | |||||
| SUM PV LFCF | -82,053.62 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.21 |
| Free cash flow (t + 1) | -72,370.29 |
| Terminal Value | -785,779.46 |
| Present Value of Terminal Value | -461,935.64 |
Intrinsic Value
| Enterprise Value | -543,989.25 |
|---|---|
| Net Debt | 214.37 |
| Equity Value | -544,203.63 |
| Shares Outstanding | 27.66 |
| Equity Value Per Share | -19,672.50 |