Discounted Cash Flow (DCF) Analysis Levered
UDR, Inc. (UDR)
$41.19
+0.03 (+0.07%)
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 | 1,046.86 | 1,152.19 | 1,241.16 | 1,290.77 | 1,517.39 | 1,666.61 | 1,830.51 | 2,010.53 | 2,208.25 | 2,425.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 560.68 | 630.70 | 604.32 | 663.96 | 820.07 | 874.87 | 960.91 | 1,055.41 | 1,159.20 | 1,273.20 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -117.21 | -184.35 | -174.11 | -166.52 | -214.83 | -227.60 | -249.99 | -274.57 | -301.57 | -331.23 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 443.47 | 446.36 | 430.20 | 497.44 | 605.24 | 647.27 | 710.92 | 780.84 | 857.63 | 941.97 |
Weighted Average Cost Of Capital
| Share price | $ 41.19 |
|---|---|
| Beta | 0.743 |
| Diluted Shares Outstanding | 322.70 |
| Cost of Debt | |
| Tax Rate | 11.21 |
| After-tax Cost of Debt | 73.15% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.199 |
| Total Debt | 189.24 |
| Total Equity | 13,292.01 |
| Total Capital | 13,481.25 |
| Debt Weighting | 1.40 |
| Equity Weighting | 98.60 |
| 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 | 1,046.86 | 1,152.19 | 1,241.16 | 1,290.77 | 1,517.39 | 1,666.61 | 1,830.51 | 2,010.53 | 2,208.25 | 2,425.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 560.68 | 630.70 | 604.32 | 663.96 | 820.07 | 874.87 | 960.91 | 1,055.41 | 1,159.20 | 1,273.20 |
| Capital Expenditure | -117.21 | -184.35 | -174.11 | -166.52 | -214.83 | -227.60 | -249.99 | -274.57 | -301.57 | -331.23 |
| Free Cash Flow | 443.47 | 446.36 | 430.20 | 497.44 | 605.24 | 647.27 | 710.92 | 780.84 | 857.63 | 941.97 |
| WACC | ||||||||||
| PV LFCF | 598.66 | 608.15 | 617.79 | 627.59 | 637.54 | |||||
| SUM PV LFCF | 3,089.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.12 |
| Free cash flow (t + 1) | 960.81 |
| Terminal Value | 15,699.52 |
| Present Value of Terminal Value | 10,625.66 |
Intrinsic Value
| Enterprise Value | 13,715.40 |
|---|---|
| Net Debt | 189.23 |
| Equity Value | 13,526.17 |
| Shares Outstanding | 322.70 |
| Equity Value Per Share | 41.92 |