Discounted Cash Flow (DCF) Analysis Levered

Xenia Hotels & Resorts, Inc. (XHR)

$12.06

-0.31 (-2.51%)

All numbers are in Millions, Currency in USD

Stock DCF: 7.81 | 12.06 | overvalue

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	1,058.21	1,149.09	369.78	616.19	997.61	1,170.46	1,373.26	1,611.19	1,890.36	2,217.89
Revenue (%)
Operating Cash Flow	254.19	246.57	-77.72	40.76	187.13	116.66	136.87	160.58	188.41	221.05
Operating Cash Flow (%)
Capital Expenditure	58.41	-129.85	-69.23	-31.82	-70.38	-85.96	-100.85	-118.33	-138.83	-162.89
Capital Expenditure (%)
Free Cash Flow	312.60	116.72	-146.95	8.94	116.75	30.70	36.01	42.25	49.58	58.17

Weighted Average Cost Of Capital

Share price	$ 12.06
Beta	1.522
Diluted Shares Outstanding	113.49
Cost of Debt
Tax Rate	6.54
After-tax Cost of Debt	4.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.499
Total Debt	-
Total Equity	1,368.68
Total Capital	1,368.68
Debt Weighting	0.00
Equity Weighting	100.00
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	1,058.21	1,149.09	369.78	616.19	997.61	1,170.46	1,373.26	1,611.19	1,890.36	2,217.89
Operating Cash Flow	254.19	246.57	-77.72	40.76	187.13	116.66	136.87	160.58	188.41	221.05
Capital Expenditure	58.41	-129.85	-69.23	-31.82	-70.38	-85.96	-100.85	-118.33	-138.83	-162.89
Free Cash Flow	312.60	116.72	-146.95	8.94	116.75	30.70	36.01	42.25	49.58	58.17
WACC
PV LFCF						27.78	29.50	31.32	33.25	35.31
SUM PV LFCF										157.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.50
Free cash flow (t + 1)	59.33
Terminal Value	697.98
Present Value of Terminal Value	423.67

Intrinsic Value

Enterprise Value	580.82
Net Debt	-305.10
Equity Value	885.93
Shares Outstanding	113.49
Equity Value Per Share	7.81