Discounted Cash Flow (DCF) Analysis Levered
Safehold Inc. (SAFE)
$16.84
+0.27 (+1.63%)
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 | 49.72 | 93.40 | 155.43 | 187.01 | 158.05 | 220.91 | 308.76 | 431.56 | 603.20 | 843.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -24.13 | -1.96 | 35.71 | 26.92 | 47.67 | 7.47 | 10.44 | 14.59 | 20.39 | 28.50 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -189.04 | -1,362.59 | -56.75 | -1,247.98 | -23.05 | -1,129.96 | -1,579.35 | -2,207.47 | -3,085.39 | -4,312.46 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -213.17 | -1,364.56 | -21.04 | -1,221.06 | 24.61 | -1,122.49 | -1,568.92 | -2,192.88 | -3,065 | -4,283.96 |
Weighted Average Cost Of Capital
| Share price | $ 16.84 |
|---|---|
| Beta | 0.642 |
| Diluted Shares Outstanding | 61.17 |
| Cost of Debt | |
| Tax Rate | -0.29 |
| After-tax Cost of Debt | 8.06% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.774 |
| Total Debt | 1,600.17 |
| Total Equity | 1,030.10 |
| Total Capital | 2,630.27 |
| Debt Weighting | 60.84 |
| Equity Weighting | 39.16 |
| 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 | 49.72 | 93.40 | 155.43 | 187.01 | 158.05 | 220.91 | 308.76 | 431.56 | 603.20 | 843.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -24.13 | -1.96 | 35.71 | 26.92 | 47.67 | 7.47 | 10.44 | 14.59 | 20.39 | 28.50 |
| Capital Expenditure | -189.04 | -1,362.59 | -56.75 | -1,247.98 | -23.05 | -1,129.96 | -1,579.35 | -2,207.47 | -3,085.39 | -4,312.46 |
| Free Cash Flow | -213.17 | -1,364.56 | -21.04 | -1,221.06 | 24.61 | -1,122.49 | -1,568.92 | -2,192.88 | -3,065 | -4,283.96 |
| WACC | ||||||||||
| PV LFCF | -1,039.83 | -1,346.34 | -1,743.20 | -2,257.04 | -2,922.35 | |||||
| SUM PV LFCF | -9,308.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.95 |
| Free cash flow (t + 1) | -4,369.64 |
| Terminal Value | -73,439.28 |
| Present Value of Terminal Value | -50,097.40 |
Intrinsic Value
| Enterprise Value | -59,406.16 |
|---|---|
| Net Debt | 157.90 |
| Equity Value | -59,564.05 |
| Shares Outstanding | 61.17 |
| Equity Value Per Share | -973.75 |