Discounted Cash Flow (DCF) Analysis Levered

Spirit Realty Capital, Inc. (SRC)

$43.65

-0.15 (-0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.74 | 43.65 | 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 668.96445.12516.43483.62608.39611.44614.51617.59620.68623.80
Revenue (%)
Operating Cash Flow 386.39336.36339.05314.31411.13405.45407.48409.52411.57413.64
Operating Cash Flow (%)
Capital Expenditure 192.56-163.05-1,041.92-12.66-21.96-263.93-265.25-266.58-267.92-269.26
Capital Expenditure (%)
Free Cash Flow 578.95173.32-702.87301.65389.18141.52142.23142.94143.66144.38

Weighted Average Cost Of Capital

Share price $ 43.65
Beta 1.299
Diluted Shares Outstanding 104.54
Cost of Debt
Tax Rate 0.35
After-tax Cost of Debt 4.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.770
Total Debt 3,012.59
Total Equity 4,562.97
Total Capital 7,575.56
Debt Weighting 39.77
Equity Weighting 60.23
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 668.96445.12516.43483.62608.39611.44614.51617.59620.68623.80
Operating Cash Flow 386.39336.36339.05314.31411.13405.45407.48409.52411.57413.64
Capital Expenditure 192.56-163.05-1,041.92-12.66-21.96-263.93-265.25-266.58-267.92-269.26
Free Cash Flow 578.95173.32-702.87301.65389.18141.52142.23142.94143.66144.38
WACC
PV LFCF 131.19122.23113.88106.1098.85
SUM PV LFCF 572.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.87
Free cash flow (t + 1) 147.26
Terminal Value 2,508.74
Present Value of Terminal Value 1,717.72

Intrinsic Value

Enterprise Value 2,289.97
Net Debt 2,994.79
Equity Value -704.82
Shares Outstanding 104.54
Equity Value Per Share -6.74