Discounted Cash Flow (DCF) Analysis Levered
Realty Income Corporation (O)
$61.27
-0.70 (-1.13%)
All numbers are in Millions, Currency in USD
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 | 1,327.84 | 1,491.59 | 1,651.63 | 2,080.46 | 3,343.68 | 4,261.05 | 5,430.12 | 6,919.93 | 8,818.48 | 11,237.92 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 940.74 | 1,068.94 | 1,115.54 | 1,322.19 | 2,563.86 | 2,985.16 | 3,804.17 | 4,847.88 | 6,177.95 | 7,872.93 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | 2,985.16 | 3,804.17 | 4,847.88 | 6,177.95 | 7,872.93 |
Weighted Average Cost Of Capital
Share price | $ 61.27 |
---|---|
Beta | 0.795 |
Diluted Shares Outstanding | 612.18 |
Cost of Debt | |
Tax Rate | 5.25 |
After-tax Cost of Debt | 2.11% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.359 |
Total Debt | 19,979.73 |
Total Equity | 37,508.30 |
Total Capital | 57,488.03 |
Debt Weighting | 34.75 |
Equity Weighting | 65.25 |
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 | 1,327.84 | 1,491.59 | 1,651.63 | 2,080.46 | 3,343.68 | 4,261.05 | 5,430.12 | 6,919.93 | 8,818.48 | 11,237.92 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 940.74 | 1,068.94 | 1,115.54 | 1,322.19 | 2,563.86 | 2,985.16 | 3,804.17 | 4,847.88 | 6,177.95 | 7,872.93 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | 2,985.16 | 3,804.17 | 4,847.88 | 6,177.95 | 7,872.93 |
WACC | ||||||||||
PV LFCF | 2,160.06 | 2,608.20 | 3,149.31 | 3,802.69 | 4,591.62 | |||||
SUM PV LFCF | 21,359.41 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.54 |
Free cash flow (t + 1) | 8,030.39 |
Terminal Value | 226,847.26 |
Present Value of Terminal Value | 173,239.97 |
Intrinsic Value
Enterprise Value | 194,599.37 |
---|---|
Net Debt | 19,808.63 |
Equity Value | 174,790.74 |
Shares Outstanding | 612.18 |
Equity Value Per Share | 285.52 |