Discounted Cash Flow (DCF) Analysis Levered
RLJ Lodging Trust (RLJ-PA)
$23.5
+0.05 (+0.21%)
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 | 1,761.22 | 1,566.19 | 473.09 | 785.66 | 1,193.66 | 1,304.48 | 1,425.58 | 1,557.93 | 1,702.56 | 1,860.62 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 394.83 | 397.32 | -168.71 | 42.96 | 256.52 | 101.97 | 111.44 | 121.78 | 133.09 | 145.44 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -0.28 | -0.25 | -0.07 | -0.12 | -0.19 | -0.21 | -0.23 | -0.25 | -0.27 | -0.29 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 394.56 | 397.08 | -168.78 | 42.84 | 256.33 | 101.76 | 111.21 | 121.53 | 132.82 | 145.15 |
Weighted Average Cost Of Capital
Share price | $ 23.5 |
---|---|
Beta | 1.778 |
Diluted Shares Outstanding | 114.81 |
Cost of Debt | |
Tax Rate | 61.56 |
After-tax Cost of Debt | 1.92% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.135 |
Total Debt | - |
Total Equity | 2,698.06 |
Total Capital | 2,698.06 |
Debt Weighting | 0.00 |
Equity Weighting | 100.00 |
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 | 1,761.22 | 1,566.19 | 473.09 | 785.66 | 1,193.66 | 1,304.48 | 1,425.58 | 1,557.93 | 1,702.56 | 1,860.62 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 394.83 | 397.32 | -168.71 | 42.96 | 256.52 | 101.97 | 111.44 | 121.78 | 133.09 | 145.44 |
Capital Expenditure | -0.28 | -0.25 | -0.07 | -0.12 | -0.19 | -0.21 | -0.23 | -0.25 | -0.27 | -0.29 |
Free Cash Flow | 394.56 | 397.08 | -168.78 | 42.84 | 256.33 | 101.76 | 111.21 | 121.53 | 132.82 | 145.15 |
WACC | ||||||||||
PV LFCF | 90.75 | 88.43 | 86.18 | 83.99 | 81.85 | |||||
SUM PV LFCF | 431.20 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 12.14 |
Free cash flow (t + 1) | 148.05 |
Terminal Value | 1,460.05 |
Present Value of Terminal Value | 823.32 |
Intrinsic Value
Enterprise Value | 1,254.51 |
---|---|
Net Debt | -481.32 |
Equity Value | 1,735.83 |
Shares Outstanding | 114.81 |
Equity Value Per Share | 15.12 |