Discounted Cash Flow (DCF) Analysis Levered

LTC Properties, Inc. (LTC)

$37.38

-0.07 (-0.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.32 | 37.38 | 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 168.06168.65185.30159.34155.32152.87150.46148.09145.75143.45
Revenue (%)
Operating Cash Flow 105.30115.54122.47116.1091.18100.5498.9597.3995.8594.34
Operating Cash Flow (%)
Capital Expenditure -0.91-1.25-0.61-0.35-0.71-0.70-0.69-0.68-0.67-0.66
Capital Expenditure (%)
Free Cash Flow 104.40114.29121.86115.7590.4799.8498.2696.7195.1993.69

Weighted Average Cost Of Capital

Share price $ 37.38
Beta 0.867
Diluted Shares Outstanding 39.16
Cost of Debt
Tax Rate 0.65
After-tax Cost of Debt 3.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.741
Total Debt 722.72
Total Equity 1,463.65
Total Capital 2,186.37
Debt Weighting 33.06
Equity Weighting 66.94
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 168.06168.65185.30159.34155.32152.87150.46148.09145.75143.45
Operating Cash Flow 105.30115.54122.47116.1091.18100.5498.9597.3995.8594.34
Capital Expenditure -0.91-1.25-0.61-0.35-0.71-0.70-0.69-0.68-0.67-0.66
Free Cash Flow 104.40114.29121.86115.7590.4799.8498.2696.7195.1993.69
WACC
PV LFCF 82.8176.5870.8265.4960.57
SUM PV LFCF 403.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.43
Free cash flow (t + 1) 95.56
Terminal Value 2,157.09
Present Value of Terminal Value 1,579.60

Intrinsic Value

Enterprise Value 1,983.17
Net Debt 717.56
Equity Value 1,265.61
Shares Outstanding 39.16
Equity Value Per Share 32.32