Discounted Cash Flow (DCF) Analysis Levered

MFA Financial, Inc. (MFA-PB)

$17.6049

-0.19 (-1.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.51 | 17.6049 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 347.88430.76-555.87337.22-74.0516.26-3.570.78-0.170.04
Revenue (%)
Operating Cash Flow 147.88215.7738.40120.29366.08-12.132.66-0.590.13-0.03
Operating Cash Flow (%)
Capital Expenditure -1.13-1.88-4.86-12.050.64-0.140.03-0.010-0
Capital Expenditure (%)
Free Cash Flow 146.75213.9033.53108.24366.72-12.272.69-0.590.13-0.03

Weighted Average Cost Of Capital

Share price $ 17.6,049
Beta 1.995
Diluted Shares Outstanding 129.40
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.907
Total Debt -
Total Equity 2,278
Total Capital 2,278
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 347.88430.76-555.87337.22-74.0516.26-3.570.78-0.170.04
Operating Cash Flow 147.88215.7738.40120.29366.08-12.132.66-0.590.13-0.03
Capital Expenditure -1.13-1.88-4.86-12.050.64-0.140.03-0.010-0
Free Cash Flow 146.75213.9033.53108.24366.72-12.272.69-0.590.13-0.03
WACC
PV LFCF 366.72-10.872.11-0.410.08-0.02
SUM PV LFCF -9.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.91
Free cash flow (t + 1) -0.03
Terminal Value -0.27
Present Value of Terminal Value -0.15

Intrinsic Value

Enterprise Value -9.25
Net Debt -334.18
Equity Value 324.94
Shares Outstanding 129.40
Equity Value Per Share 2.51