Discounted Cash Flow (DCF) Analysis Levered
Spirit Realty Capital, Inc. (SRC)
$39.3
+0.57 (+1.47%)
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 | 445.13 | 516.43 | 483.62 | 608.39 | 709.63 | 802.07 | 906.55 | 1,024.64 | 1,158.11 | 1,308.97 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 336.37 | 339.05 | 314.31 | 411.13 | 486.45 | 549.16 | 620.69 | 701.55 | 792.93 | 896.23 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -163.05 | -1,041.92 | -12.66 | -21.96 | -88.67 | -412.44 | -466.16 | -526.89 | -595.52 | -673.09 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 173.32 | -702.87 | 301.65 | 389.18 | 397.77 | 136.72 | 154.53 | 174.66 | 197.41 | 223.13 |
Weighted Average Cost Of Capital
Share price | $ 39.3 |
---|---|
Beta | 1.306 |
Diluted Shares Outstanding | 134.65 |
Cost of Debt | |
Tax Rate | 3.93 |
After-tax Cost of Debt | 4.80% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.659 |
Total Debt | 5,563.10 |
Total Equity | 5,291.57 |
Total Capital | 10,854.68 |
Debt Weighting | 51.25 |
Equity Weighting | 48.75 |
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 | 445.13 | 516.43 | 483.62 | 608.39 | 709.63 | 802.07 | 906.55 | 1,024.64 | 1,158.11 | 1,308.97 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 336.37 | 339.05 | 314.31 | 411.13 | 486.45 | 549.16 | 620.69 | 701.55 | 792.93 | 896.23 |
Capital Expenditure | -163.05 | -1,041.92 | -12.66 | -21.96 | -88.67 | -412.44 | -466.16 | -526.89 | -595.52 | -673.09 |
Free Cash Flow | 173.32 | -702.87 | 301.65 | 389.18 | 397.77 | 136.72 | 154.53 | 174.66 | 197.41 | 223.13 |
WACC | ||||||||||
PV LFCF | 127.58 | 134.55 | 141.90 | 149.65 | 157.83 | |||||
SUM PV LFCF | 711.51 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.17 |
Free cash flow (t + 1) | 227.59 |
Terminal Value | 4,402.19 |
Present Value of Terminal Value | 3,113.89 |
Intrinsic Value
Enterprise Value | 3,825.39 |
---|---|
Net Debt | 5,554.34 |
Equity Value | -1,728.94 |
Shares Outstanding | 134.65 |
Equity Value Per Share | -12.84 |