Discounted Cash Flow (DCF) Analysis Levered

Ladder Capital Corp (LADR)

$11.165

-0.27 (-2.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -21.66 | 11.165 | overvalue

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 299.01399.39293.43121.02167.51161.94156.56151.36146.32141.46
Revenue (%)
Operating Cash Flow 11.98200.43183.21111.9479.7483.1580.3977.7275.1372.64
Operating Cash Flow (%)
Capital Expenditure -213.0526.52-15.70-28.22-39.07-37.77-36.51-35.30-34.13-32.99
Capital Expenditure (%)
Free Cash Flow -201.07226.95167.5083.7240.6745.3843.8842.4241.0139.64

Weighted Average Cost Of Capital

Share price $ 11.165
Beta 1.938
Diluted Shares Outstanding 112.41
Cost of Debt
Tax Rate 2.25
After-tax Cost of Debt 4.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.761
Total Debt 3,775.13
Total Equity 1,255.05
Total Capital 5,030.18
Debt Weighting 75.05
Equity Weighting 24.95
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 299.01399.39293.43121.02167.51161.94156.56151.36146.32141.46
Operating Cash Flow 11.98200.43183.21111.9479.7483.1580.3977.7275.1372.64
Capital Expenditure -213.0526.52-15.70-28.22-39.07-37.77-36.51-35.30-34.13-32.99
Free Cash Flow -201.07226.95167.5083.7240.6745.3843.8842.4241.0139.64
WACC
PV LFCF 30.6927.7925.1722.8020.65
SUM PV LFCF 176.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.74
Free cash flow (t + 1) 40.44
Terminal Value 853.11
Present Value of Terminal Value 615.70

Intrinsic Value

Enterprise Value 791.81
Net Debt 3,226.38
Equity Value -2,434.57
Shares Outstanding 112.41
Equity Value Per Share -21.66