Discounted Cash Flow (DCF) Analysis Levered

STORE Capital Corporation (STOR)

$32.15

-0.01 (-0.03%)

All numbers are in Millions, Currency in USD

Stock DCF: 61.55 | 32.15 | undervalue

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	452.85	540.76	665.71	694.27	782.66	899.17	1,033.01	1,186.78	1,363.44	1,566.40
Revenue (%)
Operating Cash Flow	309.42	391.68	458.33	431.59	583.37	622.78	715.49	821.99	944.35	1,084.92
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	622.78	715.49	821.99	944.35	1,084.92

Weighted Average Cost Of Capital

Share price	$ 32.15
Beta	0.969
Diluted Shares Outstanding	270.11
Cost of Debt
Tax Rate	0.30
After-tax Cost of Debt	3.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.066
Total Debt	4,376.16
Total Equity	8,683.88
Total Capital	13,060.04
Debt Weighting	33.51
Equity Weighting	66.49
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	452.85	540.76	665.71	694.27	782.66	899.17	1,033.01	1,186.78	1,363.44	1,566.40
Operating Cash Flow	309.42	391.68	458.33	431.59	583.37	622.78	715.49	821.99	944.35	1,084.92
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	622.78	715.49	821.99	944.35	1,084.92
WACC
PV LFCF						584.28	629.75	678.76	731.59	788.52
SUM PV LFCF										3,412.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.59
Free cash flow (t + 1)	1,106.62
Terminal Value	24,109.26
Present Value of Terminal Value	17,522.72

Intrinsic Value

Enterprise Value	20,935.62
Net Debt	4,311.89
Equity Value	16,623.73
Shares Outstanding	270.11
Equity Value Per Share	61.55