Discounted Cash Flow (DCF) Analysis Unlevered

ACRES Commercial Realty Corp. (ACR)

$9.95

+0.01 (+0.10%)
All numbers are in Millions, Currency in USD
Stock DCF: -183.00 | 9.95 | 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 45.9636.6247.52-149.5544.86-15.175.13-1.740.59-0.20
Revenue (%)
EBITDA 100.9697.61123.20-133.18109.49-32.7311.07-3.741.27-0.43
EBITDA (%)
EBIT 97.8194.70119.80-139.7095.50-31.2510.57-3.571.21-0.41
EBIT (%)
Depreciation 3.152.913.406.5213.99-1.480.50-0.170.06-0.02
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 393.23501.81600.6731.4335.50-107.6836.42-12.324.17-1.41
Total Cash (%)
Account Receivables 89.8043.7629.9214.8524.70-12.844.34-1.470.50-0.17
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.1511.777.828.1012.96-2.530.85-0.290.10-0.03
Accounts Payable (%)
Capital Expenditure ----0-0.060.01-00-00
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.95
Beta 1.801
Diluted Shares Outstanding 9.76
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.004
Total Debt 1,817.96
Total Equity 97.14
Total Capital 1,915.11
Debt Weighting 94.93
Equity Weighting 5.07
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 45.9636.6247.52-149.5544.86-15.175.13-1.740.59-0.20
EBITDA 100.9697.61123.20-133.18109.49-32.7311.07-3.741.27-0.43
EBIT 97.8194.70119.80-139.7095.50-31.2510.57-3.571.21-0.41
Tax Rate 37.97%-1.72%0.69%0.00%0.00%7.39%7.39%7.39%7.39%7.39%
EBIAT 60.6696.33118.97-139.7095.50-28.949.79-3.311.12-0.38
Depreciation 3.152.913.406.5213.99-1.480.50-0.170.06-0.02
Accounts Receivable -46.0413.8415.07-9.8537.54-17.185.81-1.970.66
Inventories ----------
Accounts Payable -6.62-3.960.294.86-15.493.38-1.140.39-0.13
Capital Expenditure ----0.01-0.060.01-00-00
UFCF 63.81151.90132.25-117.82104.43-8.36-3.511.19-0.400.14
WACC
PV UFCF -8.05-3.261.06-0.350.11
SUM PV UFCF -10.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.83
Free cash flow (t + 1) 0.14
Terminal Value 7.57
Present Value of Terminal Value 6.27

Intrinsic Value

Enterprise Value -4.21
Net Debt 1,782.46
Equity Value -1,786.67
Shares Outstanding 9.76
Equity Value Per Share -183.00