Discounted Cash Flow (DCF) Analysis Levered

Monmouth Real Estate Investment Cor... (MNR)

$20.98

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.93 | 20.98 | 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 113.55139.37158.52167.82183.13206.70233.30263.32297.21335.46
Revenue (%)
Operating Cash Flow 73.8785.53101.6298.8384.81122.25137.99155.74175.79198.41
Operating Cash Flow (%)
Capital Expenditure 7.0822.33-5.80-6-7.964.414.985.626.357.16
Capital Expenditure (%)
Free Cash Flow 80.94107.8695.8292.8376.85126.67142.97161.37182.13205.57

Weighted Average Cost Of Capital

Share price $ 20.98
Beta 0.704
Diluted Shares Outstanding 98.44
Cost of Debt
Tax Rate 3.69
After-tax Cost of Debt 3.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.289
Total Debt 1,082.18
Total Equity 2,065.33
Total Capital 3,147.52
Debt Weighting 34.38
Equity Weighting 65.62
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 113.55139.37158.52167.82183.13206.70233.30263.32297.21335.46
Operating Cash Flow 73.8785.53101.6298.8384.81122.25137.99155.74175.79198.41
Capital Expenditure 7.0822.33-5.80-6-7.964.414.985.626.357.16
Free Cash Flow 80.94107.8695.8292.8376.85126.67142.97161.37182.13205.57
WACC
PV LFCF 94.92101.13107.75114.79122.30
SUM PV LFCF 681.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.94
Free cash flow (t + 1) 209.68
Terminal Value 5,321.94
Present Value of Terminal Value 3,988.14

Intrinsic Value

Enterprise Value 4,669.46
Net Debt 1,033.57
Equity Value 3,635.89
Shares Outstanding 98.44
Equity Value Per Share 36.93