Discounted Cash Flow (DCF) Analysis Levered

New England Realty Associates Limit... (NEN)

$67.01

+0.01 (+0.01%)

All numbers are in Millions, Currency in USD

Stock DCF: -206.01 | 67.01 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	58.01	60.48	62.10	62.64	68.29	71.17	74.16	77.28	80.53	83.92
Revenue (%)
Operating Cash Flow	25.63	22.45	17.45	15.78	21.54	23.65	24.64	25.68	26.76	27.88
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	23.65	24.64	25.68	26.76	27.88

Weighted Average Cost Of Capital

Share price	$ 67.01
Beta	0.342
Diluted Shares Outstanding	3.69
Cost of Debt
Tax Rate	404.09
After-tax Cost of Debt	-11.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.349
Total Debt	410.97
Total Equity	247.24
Total Capital	658.20
Debt Weighting	62.44
Equity Weighting	37.56
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	58.01	60.48	62.10	62.64	68.29	71.17	74.16	77.28	80.53	83.92
Operating Cash Flow	25.63	22.45	17.45	15.78	21.54	23.65	24.64	25.68	26.76	27.88
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	23.65	24.64	25.68	26.76	27.88
WACC
PV LFCF						31.29	34.16	37.30	40.73	44.47
SUM PV LFCF										148.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-4.56
Free cash flow (t + 1)	28.44
Terminal Value	-433.56
Present Value of Terminal Value	-547.52

Intrinsic Value

Enterprise Value	-398.69
Net Debt	361.41
Equity Value	-760.09
Shares Outstanding	3.69
Equity Value Per Share	-206.01