Discounted Cash Flow (DCF) Analysis Levered

SL Green Realty Corp. (SLG-PI)

$22.99

-0.16 (-0.69%)

All numbers are in Millions, Currency in USD

Stock DCF: -4.80 | 22.99 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,511.47	1,227.39	1,239	1,052.74	843.99	732.77	636.21	552.37	479.58	416.38
Revenue (%)
Operating Cash Flow	548.37	441.54	376.47	554.24	255.98	272.03	236.18	205.06	178.03	154.57
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	272.03	236.18	205.06	178.03	154.57

Weighted Average Cost Of Capital

Share price	$ 22.99
Beta	1.470
Diluted Shares Outstanding	290.37
Cost of Debt
Tax Rate	4.90
After-tax Cost of Debt	1.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.611
Total Debt	4,971.31
Total Equity	6,675.63
Total Capital	11,646.94
Debt Weighting	42.68
Equity Weighting	57.32
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,511.47	1,227.39	1,239	1,052.74	843.99	732.77	636.21	552.37	479.58	416.38
Operating Cash Flow	548.37	441.54	376.47	554.24	255.98	272.03	236.18	205.06	178.03	154.57
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	272.03	236.18	205.06	178.03	154.57
WACC
PV LFCF						255.02	207.57	168.95	137.51	111.92
SUM PV LFCF										880.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.67
Free cash flow (t + 1)	157.67
Terminal Value	3,376.13
Present Value of Terminal Value	2,444.60

Intrinsic Value

Enterprise Value	3,325.56
Net Debt	4,719.90
Equity Value	-1,394.33
Shares Outstanding	290.37
Equity Value Per Share	-4.80