Discounted Cash Flow (DCF) Analysis Levered
Public Storage (PSA)
$263.15
-7.62 (-2.81%)
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 | 2,754.28 | 2,846.82 | 2,915.07 | 3,415.82 | 4,182.16 | 4,656.53 | 5,184.70 | 5,772.78 | 6,427.56 | 7,156.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,061.50 | 2,067.64 | 2,042.90 | 2,543.56 | 3,117.14 | 3,413.76 | 3,800.96 | 4,232.09 | 4,712.12 | 5,246.60 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -478.87 | -187.31 | -170 | -270.24 | -459.77 | -453.57 | -505.02 | -562.30 | -626.08 | -697.09 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,582.63 | 1,880.33 | 1,872.90 | 2,273.32 | 2,657.37 | 2,960.18 | 3,295.95 | 3,669.79 | 4,086.04 | 4,549.50 |
Weighted Average Cost Of Capital
| Share price | $ 263.15 |
|---|---|
| Beta | 0.452 |
| Diluted Shares Outstanding | 176.28 |
| Cost of Debt | |
| Tax Rate | -50.65 |
| After-tax Cost of Debt | 1.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.613 |
| Total Debt | 6,870.83 |
| Total Equity | 46,388.08 |
| Total Capital | 53,258.91 |
| Debt Weighting | 12.90 |
| Equity Weighting | 87.10 |
| 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 | 2,754.28 | 2,846.82 | 2,915.07 | 3,415.82 | 4,182.16 | 4,656.53 | 5,184.70 | 5,772.78 | 6,427.56 | 7,156.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,061.50 | 2,067.64 | 2,042.90 | 2,543.56 | 3,117.14 | 3,413.76 | 3,800.96 | 4,232.09 | 4,712.12 | 5,246.60 |
| Capital Expenditure | -478.87 | -187.31 | -170 | -270.24 | -459.77 | -453.57 | -505.02 | -562.30 | -626.08 | -697.09 |
| Free Cash Flow | 1,582.63 | 1,880.33 | 1,872.90 | 2,273.32 | 2,657.37 | 2,960.18 | 3,295.95 | 3,669.79 | 4,086.04 | 4,549.50 |
| WACC | ||||||||||
| PV LFCF | 2,792.10 | 2,932.27 | 3,079.48 | 3,234.09 | 3,396.45 | |||||
| SUM PV LFCF | 15,434.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.02 |
| Free cash flow (t + 1) | 4,640.49 |
| Terminal Value | 115,435.19 |
| Present Value of Terminal Value | 86,178.56 |
Intrinsic Value
| Enterprise Value | 101,612.95 |
|---|---|
| Net Debt | 6,095.57 |
| Equity Value | 95,517.38 |
| Shares Outstanding | 176.28 |
| Equity Value Per Share | 541.85 |