Discounted Cash Flow (DCF) Analysis Levered
VEREIT, Inc. (VER)
$51.12
-0.41 (-0.80%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 1,454.82 | 1,252.29 | 1,257.87 | 1,237.23 | 1,161.37 | 1,099.67 | 1,041.26 | 985.94 | 933.57 | 883.98 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 800.53 | 793.27 | 493.91 | -107.60 | 698.57 | 459.86 | 435.43 | 412.30 | 390.40 | 369.66 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -18.83 | -22.88 | -23.13 | -39.67 | -27.50 | -23.17 | -21.94 | -20.77 | -19.67 | -18.62 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 781.70 | 770.38 | 470.78 | -147.28 | 671.08 | 436.69 | 413.50 | 391.53 | 370.73 | 351.04 |
Weighted Average Cost Of Capital
Share price | $ 51.12 |
---|---|
Beta | 1.189 |
Diluted Shares Outstanding | 217.86 |
Cost of Debt | |
Tax Rate | 2.24 |
After-tax Cost of Debt | 4.24% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.994 |
Total Debt | 6,122.17 |
Total Equity | 11,137.11 |
Total Capital | 17,259.27 |
Debt Weighting | 35.47 |
Equity Weighting | 64.53 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 1,454.82 | 1,252.29 | 1,257.87 | 1,237.23 | 1,161.37 | 1,099.67 | 1,041.26 | 985.94 | 933.57 | 883.98 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 800.53 | 793.27 | 493.91 | -107.60 | 698.57 | 459.86 | 435.43 | 412.30 | 390.40 | 369.66 |
Capital Expenditure | -18.83 | -22.88 | -23.13 | -39.67 | -27.50 | -23.17 | -21.94 | -20.77 | -19.67 | -18.62 |
Free Cash Flow | 781.70 | 770.38 | 470.78 | -147.28 | 671.08 | 436.69 | 413.50 | 391.53 | 370.73 | 351.04 |
WACC | ||||||||||
PV LFCF | 285.98 | 252.34 | 222.66 | 196.47 | 173.36 | |||||
SUM PV LFCF | 1,609.14 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.31 |
Free cash flow (t + 1) | 358.06 |
Terminal Value | 6,743.12 |
Present Value of Terminal Value | 4,738.71 |
Intrinsic Value
Enterprise Value | 6,347.84 |
---|---|
Net Debt | 5,598.63 |
Equity Value | 749.21 |
Shares Outstanding | 217.86 |
Equity Value Per Share | 3.44 |