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	299.01	399.39	293.43	121.02	167.51	161.94	156.56	151.36	146.32	141.46
Revenue (%)
Operating Cash Flow	11.98	200.43	183.21	111.94	79.74	83.15	80.39	77.72	75.13	72.64
Operating Cash Flow (%)
Capital Expenditure	-213.05	26.52	-15.70	-28.22	-39.07	-37.77	-36.51	-35.30	-34.13	-32.99
Capital Expenditure (%)
Free Cash Flow	-201.07	226.95	167.50	83.72	40.67	45.38	43.88	42.42	41.01	39.64

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	299.01	399.39	293.43	121.02	167.51	161.94	156.56	151.36	146.32	141.46
Operating Cash Flow	11.98	200.43	183.21	111.94	79.74	83.15	80.39	77.72	75.13	72.64
Capital Expenditure	-213.05	26.52	-15.70	-28.22	-39.07	-37.77	-36.51	-35.30	-34.13	-32.99
Free Cash Flow	-201.07	226.95	167.50	83.72	40.67	45.38	43.88	42.42	41.01	39.64
WACC
PV LFCF						30.69	27.79	25.17	22.80	20.65
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