Discounted Cash Flow (DCF) Analysis Levered
Realty Income Corporation (O)
$61
+0.99 (+1.65%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,491.59 | 1,651.63 | 2,080.46 | 3,343.68 | 4,429.39 | 5,867.65 | 7,772.91 | 10,296.81 | 13,640.25 | 18,069.32 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,068.94 | 1,115.54 | 1,322.19 | 2,563.86 | 3,094.34 | 4,099.09 | 5,430.09 | 7,193.27 | 9,528.97 | 12,623.08 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | 3,094.34 | 4,099.09 | 5,430.09 | 7,193.27 | 9,528.97 | 12,623.08 |
Weighted Average Cost Of Capital
Share price | $ 61 |
---|---|
Beta | 0.803 |
Diluted Shares Outstanding | 612.18 |
Cost of Debt | |
Tax Rate | 5.25 |
After-tax Cost of Debt | 4.74% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.564 |
Total Debt | - |
Total Equity | 37,343.01 |
Total Capital | 37,343.01 |
Debt Weighting | 0.00 |
Equity Weighting | 100.00 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,491.59 | 1,651.63 | 2,080.46 | 3,343.68 | 4,429.39 | 5,867.65 | 7,772.91 | 10,296.81 | 13,640.25 | 18,069.32 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,068.94 | 1,115.54 | 1,322.19 | 2,563.86 | 3,094.34 | 4,099.09 | 5,430.09 | 7,193.27 | 9,528.97 | 12,623.08 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | 3,094.34 | 4,099.09 | 5,430.09 | 7,193.27 | 9,528.97 | 12,623.08 |
WACC | ||||||||||
PV LFCF | 2,674.64 | 3,294.09 | 4,056.99 | 4,996.57 | 6,153.77 | 7,578.96 | ||||
SUM PV LFCF | 30,172.79 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.56 |
Free cash flow (t + 1) | 12,875.54 |
Terminal Value | 231,574.46 |
Present Value of Terminal Value | 160,855.79 |
Intrinsic Value
Enterprise Value | 191,028.58 |
---|---|
Net Debt | -164.58 |
Equity Value | 191,193.15 |
Shares Outstanding | 612.18 |
Equity Value Per Share | 312.31 |