Discounted Cash Flow (DCF) Analysis Levered
Spirit Realty Capital, Inc. (SRC)
$41.32
+0.25 (+0.61%)
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 | 423.42 | 512.39 | 482.15 | 606.65 | 705.44 | 806.34 | 921.69 | 1,053.52 | 1,204.22 | 1,376.48 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 336.37 | 339.05 | 314.31 | 411.13 | 486.45 | 560.46 | 640.62 | 732.26 | 837 | 956.73 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -52.39 | -47.65 | -12.66 | -21.96 | -88.68 | -65.29 | -74.63 | -85.31 | -97.51 | -111.46 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 283.98 | 291.40 | 301.65 | 389.18 | 397.77 | 495.16 | 565.99 | 646.95 | 739.49 | 845.27 |
Weighted Average Cost Of Capital
Share price | $ 41.32 |
---|---|
Beta | 1.307 |
Diluted Shares Outstanding | 134.65 |
Cost of Debt | |
Tax Rate | 0.31 |
After-tax Cost of Debt | 4.22% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.399 |
Total Debt | 3,575.31 |
Total Equity | 5,563.56 |
Total Capital | 9,138.87 |
Debt Weighting | 39.12 |
Equity Weighting | 60.88 |
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 | 423.42 | 512.39 | 482.15 | 606.65 | 705.44 | 806.34 | 921.69 | 1,053.52 | 1,204.22 | 1,376.48 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 336.37 | 339.05 | 314.31 | 411.13 | 486.45 | 560.46 | 640.62 | 732.26 | 837 | 956.73 |
Capital Expenditure | -52.39 | -47.65 | -12.66 | -21.96 | -88.68 | -65.29 | -74.63 | -85.31 | -97.51 | -111.46 |
Free Cash Flow | 283.98 | 291.40 | 301.65 | 389.18 | 397.77 | 495.16 | 565.99 | 646.95 | 739.49 | 845.27 |
WACC | ||||||||||
PV LFCF | 458.57 | 485.43 | 513.86 | 543.95 | 575.81 | |||||
SUM PV LFCF | 2,577.61 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.98 |
Free cash flow (t + 1) | 862.17 |
Terminal Value | 14,417.63 |
Present Value of Terminal Value | 9,821.48 |
Intrinsic Value
Enterprise Value | 12,399.09 |
---|---|
Net Debt | 3,566.54 |
Equity Value | 8,832.55 |
Shares Outstanding | 134.65 |
Equity Value Per Share | 65.60 |