Discounted Cash Flow (DCF) Analysis Levered

Realty Income Corporation (O)

$61

+0.99 (+1.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 312.31 | 61 | undervalue

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 1,491.591,651.632,080.463,343.684,429.395,867.657,772.9110,296.8113,640.2518,069.32
Revenue (%)
Operating Cash Flow 1,068.941,115.541,322.192,563.863,094.344,099.095,430.097,193.279,528.9712,623.08
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow ----3,094.344,099.095,430.097,193.279,528.9712,623.08

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 1,491.591,651.632,080.463,343.684,429.395,867.657,772.9110,296.8113,640.2518,069.32
Operating Cash Flow 1,068.941,115.541,322.192,563.863,094.344,099.095,430.097,193.279,528.9712,623.08
Capital Expenditure ----------
Free Cash Flow ----3,094.344,099.095,430.097,193.279,528.9712,623.08
WACC
PV LFCF 2,674.643,294.094,056.994,996.576,153.777,578.96
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