Discounted Cash Flow (DCF) Analysis Unlevered
Brandywine Realty Trust (BDN)
$4.71
+0.23 (+5.13%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 544.35 | 580.42 | 534.85 | 486.82 | 506.10 | 498.20 | 490.42 | 482.77 | 475.23 | 467.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 391.70 | 328.56 | 567.50 | 253.06 | 300.17 | 344.72 | 339.34 | 334.04 | 328.83 | 323.69 |
| EBITDA (%) | ||||||||||
| EBIT | 217.44 | 118.56 | 379.21 | 74.95 | 122.19 | 170.20 | 167.54 | 164.93 | 162.35 | 159.82 |
| EBIT (%) | ||||||||||
| Depreciation | 174.26 | 210 | 188.28 | 178.11 | 177.98 | 174.52 | 171.80 | 169.11 | 166.47 | 163.88 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 22.84 | 90.50 | 46.34 | 27.46 | 17.55 | 37.43 | 36.84 | 36.27 | 35.70 | 35.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 181.64 | 190.51 | 168.91 | 179.09 | 190.77 | 171.63 | 168.95 | 166.32 | 163.72 | 161.16 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 125.70 | 113.35 | 121.98 | 150.15 | 132.44 | 122 | 120.09 | 118.22 | 116.37 | 114.56 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -212.60 | -198.30 | -160.25 | -135.12 | -86.77 | -147.55 | -145.25 | -142.98 | -140.75 | -138.55 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.71 |
|---|---|
| Beta | 1.128 |
| Diluted Shares Outstanding | 172.33 |
| Cost of Debt | |
| Tax Rate | 1.26 |
| After-tax Cost of Debt | 4.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.930 |
| Total Debt | - |
| Total Equity | 811.65 |
| Total Capital | 811.65 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 544.35 | 580.42 | 534.85 | 486.82 | 506.10 | 498.20 | 490.42 | 482.77 | 475.23 | 467.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 391.70 | 328.56 | 567.50 | 253.06 | 300.17 | 344.72 | 339.34 | 334.04 | 328.83 | 323.69 |
| EBIT | 217.44 | 118.56 | 379.21 | 74.95 | 122.19 | 170.20 | 167.54 | 164.93 | 162.35 | 159.82 |
| Tax Rate | 1.01% | 0.79% | 0.51% | 1.00% | 1.26% | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
| EBIAT | 215.25 | 117.62 | 377.27 | 74.20 | 120.65 | 168.64 | 166.01 | 163.42 | 160.87 | 158.36 |
| Depreciation | 174.26 | 210 | 188.28 | 178.11 | 177.98 | 174.52 | 171.80 | 169.11 | 166.47 | 163.88 |
| Accounts Receivable | - | -8.87 | 21.60 | -10.18 | -11.69 | 19.14 | 2.68 | 2.64 | 2.60 | 2.56 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -12.35 | 8.63 | 28.17 | -17.71 | -10.44 | -1.90 | -1.87 | -1.85 | -1.82 |
| Capital Expenditure | -212.60 | -198.30 | -160.25 | -135.12 | -86.77 | -147.55 | -145.25 | -142.98 | -140.75 | -138.55 |
| UFCF | 176.91 | 108.11 | 435.54 | 135.18 | 182.46 | 204.31 | 193.33 | 190.32 | 187.34 | 184.42 |
| WACC | ||||||||||
| PV UFCF | 187.56 | 162.93 | 147.24 | 133.06 | 120.25 | |||||
| SUM PV UFCF | 751.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.93 |
| Free cash flow (t + 1) | 188.11 |
| Terminal Value | 2,714.41 |
| Present Value of Terminal Value | 1,769.86 |
Intrinsic Value
| Enterprise Value | 2,520.90 |
|---|---|
| Net Debt | -17.55 |
| Equity Value | 2,538.46 |
| Shares Outstanding | 172.33 |
| Equity Value Per Share | 14.73 |