Discounted Cash Flow (DCF) Analysis Levered

AG Mortgage Investment Trust, Inc. (MITT)

$4.11

-0.08 (-1.91%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,322.80 | 4.11 | undervalue

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 128.5414.80117.68-391.5999.80111.85125.37140.52157.49176.52
Revenue (%)
Operating Cash Flow 79.4878.0365.244.1626.30149.82167.93188.21210.96236.44
Operating Cash Flow (%)
Capital Expenditure -3.40-140.85-561.481,868.34-476.14-533.67-598.15-670.42-751.42-842.21
Capital Expenditure (%)
Free Cash Flow 76.08-62.82-496.251,872.49-449.84-383.85-430.23-482.21-540.47-605.77

Weighted Average Cost Of Capital

Share price $ 4.11
Beta 1.597
Diluted Shares Outstanding 16.08
Cost of Debt
Tax Rate -44.11
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.343
Total Debt 2,776.96
Total Equity 66.08
Total Capital 2,843.03
Debt Weighting 97.68
Equity Weighting 2.32
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 128.5414.80117.68-391.5999.80111.85125.37140.52157.49176.52
Operating Cash Flow 79.4878.0365.244.1626.30149.82167.93188.21210.96236.44
Capital Expenditure -3.40-140.85-561.481,868.34-476.14-533.67-598.15-670.42-751.42-842.21
Free Cash Flow 76.08-62.82-496.251,872.49-449.84-383.85-430.23-482.21-540.47-605.77
WACC
PV LFCF -379.22-419.92-464.98-514.88-570.13
SUM PV LFCF -2,349.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.22
Free cash flow (t + 1) -617.88
Terminal Value 79,215.97
Present Value of Terminal Value 74,555.74

Intrinsic Value

Enterprise Value 72,206.61
Net Debt 2,708.88
Equity Value 69,497.73
Shares Outstanding 16.08
Equity Value Per Share 4,322.80