Discounted Cash Flow (DCF) Analysis Unlevered

BRT Apartments Corp. (BRT)

$15.81

-0.02 (-0.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 55.28 | 15.81 | undervalue

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 119.6427.7628.1032.0670.5380.8492.67106.23121.76139.58
Revenue (%)
EBITDA 52.376.44-236.0191.7448.8756.0264.2273.6184.38
EBITDA (%)
EBIT 13.870.53-8.7427.9866.9326.6130.5034.9640.0845.94
EBIT (%)
Depreciation 38.505.926.748.0324.8122.2625.5229.2533.5338.44
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 27.3622.7019.8932.3420.2849.3256.5364.8074.2885.15
Total Cash (%)
Account Receivables 4.904.152.683.056.727.708.8210.1211.5913.29
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 27.416.366.447.3416.1618.5221.2324.3427.9031.98
Accounts Payable (%)
Capital Expenditure -16.77-1.58-0.89-1.31-6.30-5.80-6.65-7.62-8.74-10.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.81
Beta 1.185
Diluted Shares Outstanding 17.85
Cost of Debt
Tax Rate 1.90
After-tax Cost of Debt 4.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.915
Total Debt 459.42
Total Equity 282.26
Total Capital 741.67
Debt Weighting 61.94
Equity Weighting 38.06
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 119.6427.7628.1032.0670.5380.8492.67106.23121.76139.58
EBITDA 52.376.44-236.0191.7448.8756.0264.2273.6184.38
EBIT 13.870.53-8.7427.9866.9326.6130.5034.9640.0845.94
Tax Rate 50.53%13.75%-1.27%1.16%1.90%13.21%13.21%13.21%13.21%13.21%
EBIAT 6.860.46-8.8527.6665.6623.0926.4730.3434.7839.87
Depreciation 38.505.926.748.0324.8122.2625.5229.2533.5338.44
Accounts Receivable -0.751.47-0.38-3.66-0.98-1.13-1.29-1.48-1.70
Inventories ----------
Accounts Payable --21.050.080.918.812.362.713.113.564.08
Capital Expenditure -16.77-1.58-0.89-1.31-6.29-5.80-6.65-7.62-8.74-10.01
UFCF 28.60-15.51-1.4534.9089.3340.9446.9353.7961.6670.68
WACC
PV UFCF 38.4841.4544.6648.1151.83
SUM PV UFCF 224.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.40
Free cash flow (t + 1) 72.10
Terminal Value 1,638.53
Present Value of Terminal Value 1,201.56

Intrinsic Value

Enterprise Value 1,426.10
Net Debt 439.14
Equity Value 986.96
Shares Outstanding 17.85
Equity Value Per Share 55.28