Discounted Cash Flow (DCF) Analysis Levered
Ventas, Inc. (VTR)
$42.72
-0.20 (-0.47%)
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 | 3,745.81 | 3,872.75 | 3,795.36 | 3,828.01 | 4,129.19 | 4,233.65 | 4,340.75 | 4,450.55 | 4,563.14 | 4,678.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,381.47 | 1,437.78 | 1,450.18 | 1,026.12 | 1,120.16 | 1,406.83 | 1,442.42 | 1,478.91 | 1,516.32 | 1,554.67 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -462.73 | -560.65 | -528.65 | -432.97 | -454.07 | -534 | -547.51 | -561.36 | -575.56 | -590.12 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 918.73 | 877.14 | 921.53 | 593.15 | 666.09 | 872.83 | 894.91 | 917.55 | 940.76 | 964.56 |
Weighted Average Cost Of Capital
| Share price | $ 42.72 |
|---|---|
| Beta | 1.233 |
| Diluted Shares Outstanding | 403.45 |
| Cost of Debt | |
| Tax Rate | 29.25 |
| After-tax Cost of Debt | 2.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.256 |
| Total Debt | 12,915.45 |
| Total Equity | 17,235.55 |
| Total Capital | 30,151 |
| Debt Weighting | 42.84 |
| Equity Weighting | 57.16 |
| 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 | 3,745.81 | 3,872.75 | 3,795.36 | 3,828.01 | 4,129.19 | 4,233.65 | 4,340.75 | 4,450.55 | 4,563.14 | 4,678.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,381.47 | 1,437.78 | 1,450.18 | 1,026.12 | 1,120.16 | 1,406.83 | 1,442.42 | 1,478.91 | 1,516.32 | 1,554.67 |
| Capital Expenditure | -462.73 | -560.65 | -528.65 | -432.97 | -454.07 | -534 | -547.51 | -561.36 | -575.56 | -590.12 |
| Free Cash Flow | 918.73 | 877.14 | 921.53 | 593.15 | 666.09 | 872.83 | 894.91 | 917.55 | 940.76 | 964.56 |
| WACC | ||||||||||
| PV LFCF | 816.03 | 782.23 | 749.83 | 718.78 | 689 | |||||
| SUM PV LFCF | 3,755.88 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.96 |
| Free cash flow (t + 1) | 983.85 |
| Terminal Value | 19,835.66 |
| Present Value of Terminal Value | 14,169.02 |
Intrinsic Value
| Enterprise Value | 17,924.90 |
|---|---|
| Net Debt | 12,792.89 |
| Equity Value | 5,132.01 |
| Shares Outstanding | 403.45 |
| Equity Value Per Share | 12.72 |