Discounted Cash Flow (DCF) Analysis Levered
JBG SMITH Properties (JBGS)
$19.43
-0.62 (-3.09%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 543.01 | 644.18 | 647.77 | 602.72 | 627.30 | 652.88 | 679.51 | 707.22 | 736.06 | 766.07 | 797.31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 74.18 | 188.19 | 173.99 | 169.02 | 153.34 | 159.59 | 166.10 | 172.88 | 179.93 | 187.26 | 194.90 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -210.59 | 3.89 | -229.56 | -147.90 | -153.93 | -160.21 | -166.75 | -173.54 | -180.62 | -187.99 | -195.65 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | -136.41 | 192.08 | -55.57 | 21.12 | -0.59 | -0.62 | -0.64 | -0.67 | -0.70 | -0.73 | -0.76 |
Weighted Average Cost Of Capital
| Share price | $ 19.43 |
|---|---|
| Beta | 0.942 |
| Diluted Shares Outstanding | 130.84 |
| Cost of Debt | |
| Tax Rate | 8.04 |
| After-tax Cost of Debt | 2.23% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.064 |
| Total Debt | 2,645.78 |
| Total Equity | 2,542.20 |
| Total Capital | 5,187.98 |
| Debt Weighting | 51.00 |
| Equity Weighting | 49.00 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 543.01 | 644.18 | 647.77 | 602.72 | 627.30 | 652.88 | 679.51 | 707.22 | 736.06 | 766.07 | 797.31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 74.18 | 188.19 | 173.99 | 169.02 | 153.34 | 159.59 | 166.10 | 172.88 | 179.93 | 187.26 | 194.90 |
| Capital Expenditure | -210.59 | 3.89 | -229.56 | -147.90 | -153.93 | -160.21 | -166.75 | -173.54 | -180.62 | -187.99 | -195.65 |
| Free Cash Flow | -136.41 | 192.08 | -55.57 | 21.12 | -0.59 | -0.62 | -0.64 | -0.67 | -0.70 | -0.73 | -0.76 |
| WACC | |||||||||||
| PV LFCF | -0.46 | -0.46 | -0.45 | -0.45 | -0.45 | -0.44 | -0.44 | ||||
| SUM PV LFCF | -3 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.09 |
| Free cash flow (t + 1) | -0.77 |
| Terminal Value | -24.92 |
| Present Value of Terminal Value | -19.45 |
Intrinsic Value
| Enterprise Value | -22.45 |
|---|---|
| Net Debt | 2,381.43 |
| Equity Value | -2,403.88 |
| Shares Outstanding | 130.84 |
| Equity Value Per Share | -18.37 |