Discounted Cash Flow (DCF) Analysis Unlevered

American Campus Communities, Inc. (ACC)

$65.42

+0.05 (+0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 53.38 | 65.42 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 796.45880.81943.04870.58942.41985.351,030.241,077.181,126.261,177.57
Revenue (%)
EBITDA 376.10481.96472.81454.36430.24492.52514.96538.42562.95588.60
EBITDA (%)
EBIT 141.15218.75197.76186.66154.64199.79208.89218.41228.36238.76
EBIT (%)
Depreciation 234.96263.20275.05267.70275.60292.73306.07320.01334.59349.84
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 41.1871.2454.6554.02120.3574.9478.3681.9385.6689.56
Total Cash (%)
Account Receivables 9.178.5613.4711.0914.1912.4813.0513.6414.2614.91
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 53.7488.7788.410.0993.0771.1174.3577.7481.2884.99
Accounts Payable (%)
Capital Expenditure -86.26-74.46-73.74-60.41-68.96-81.51-85.22-89.10-93.16-97.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 65.42
Beta 0.744
Diluted Shares Outstanding 138.71
Cost of Debt
Tax Rate -2.44
After-tax Cost of Debt 2.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.317
Total Debt 4,006.34
Total Equity 9,074.44
Total Capital 13,080.77
Debt Weighting 30.63
Equity Weighting 69.37
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 796.45880.81943.04870.58942.41985.351,030.241,077.181,126.261,177.57
EBITDA 376.10481.96472.81454.36430.24492.52514.96538.42562.95588.60
EBIT 141.15218.75197.76186.66154.64199.79208.89218.41228.36238.76
Tax Rate 2.91%3.67%3.74%-2.26%-2.44%1.13%1.13%1.13%1.13%1.13%
EBIAT 137.04210.73190.37190.87158.41197.54206.54215.95225.79236.07
Depreciation 234.96263.20275.05267.70275.60292.73306.07320.01334.59349.84
Accounts Receivable -0.60-4.912.38-3.101.71-0.57-0.59-0.62-0.65
Inventories ----------
Accounts Payable -35.03-0.36-88.3392.98-21.953.243.393.543.70
Capital Expenditure -86.25-74.46-73.74-60.41-68.96-81.51-85.22-89.10-93.16-97.41
UFCF 285.74435.10386.41312.22454.94388.52430.05449.65470.14491.56
WACC
PV UFCF 366.59382.89377.75372.67367.67
SUM PV UFCF 1,867.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.98
Free cash flow (t + 1) 501.39
Terminal Value 12,597.65
Present Value of Terminal Value 9,422.58

Intrinsic Value

Enterprise Value 11,290.15
Net Debt 3,885.99
Equity Value 7,404.17
Shares Outstanding 138.71
Equity Value Per Share 53.38