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
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 | 668.96 | 445.12 | 516.43 | 483.62 | 608.39 | 611.44 | 614.51 | 617.59 | 620.68 | 623.80 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 386.39 | 336.36 | 339.05 | 314.31 | 411.13 | 405.45 | 407.48 | 409.52 | 411.57 | 413.64 |
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 | 578.95 | 173.32 | -702.87 | 301.65 | 389.18 | 141.52 | 142.23 | 142.94 | 143.66 | 144.38 |
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 | 668.96 | 445.12 | 516.43 | 483.62 | 608.39 | 611.44 | 614.51 | 617.59 | 620.68 | 623.80 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 386.39 | 336.36 | 339.05 | 314.31 | 411.13 | 405.45 | 407.48 | 409.52 | 411.57 | 413.64 |
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 | 578.95 | 173.32 | -702.87 | 301.65 | 389.18 | 141.52 | 142.23 | 142.94 | 143.66 | 144.38 |
WACC | ||||||||||
PV LFCF | 131.19 | 122.23 | 113.88 | 106.10 | 98.85 | |||||
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 |