Discounted Cash Flow (DCF) Analysis Unlevered

Mack-Cali Realty Corporation (CLI)

$18.35

-0.04 (-0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: -72.83 | 18.35 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 613.40616.20530.61350.93313.56268.14229.30196.08167.67143.39
Revenue (%)
EBITDA 398.66315.25338.15330.57147.95172.29147.33125.99107.7492.13
EBITDA (%)
EBIT 212.11116.57167.87202.4329.6081.6569.8259.7151.0643.66
EBIT (%)
Depreciation 186.55198.67170.28128.14118.3490.6377.5066.2856.6848.47
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 351.6628.1829.6325.5938.1046.6239.8634.0929.1524.93
Total Cash (%)
Account Receivables 123.92157.79153.52104.5095.4572.3861.8952.9345.2638.70
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 159.87192.72168.11209.51194.72113.0696.6882.6870.7060.46
Accounts Payable (%)
Capital Expenditure -736.41-739.77-637.01-421.31-376.44-321.91-275.28-235.40-201.30-172.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.35
Beta 1.005
Diluted Shares Outstanding 100.26
Cost of Debt
Tax Rate 55.52
After-tax Cost of Debt 1.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.471
Total Debt 2,801.80
Total Equity 1,839.77
Total Capital 4,641.57
Debt Weighting 60.36
Equity Weighting 39.64
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 613.40616.20530.61350.93313.56268.14229.30196.08167.67143.39
EBITDA 398.66315.25338.15330.57147.95172.29147.33125.99107.7492.13
EBIT 212.11116.57167.87202.4329.6081.6569.8259.7151.0643.66
Tax Rate 10.03%31.24%20.95%55.71%55.52%34.69%34.69%34.69%34.69%34.69%
EBIAT 190.8480.16132.7089.6613.1753.3345.603933.3528.52
Depreciation 186.55198.67170.28128.14118.3490.6377.5066.2856.6848.47
Accounts Receivable --33.874.2849.029.0523.0710.488.977.676.56
Inventories ----------
Accounts Payable -32.84-24.6041.40-14.79-81.66-16.38-14.01-11.98-10.24
Capital Expenditure -736.41-739.77-637.01-421.31-376.44-321.91-275.28-235.40-201.30-172.14
UFCF -359.02-461.97-354.35-113.09-250.67-236.53-158.06-135.17-115.59-98.84
WACC
PV UFCF -227.15-145.77-119.71-98.31-80.73
SUM PV UFCF -671.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.13
Free cash flow (t + 1) -100.82
Terminal Value -4,733.27
Present Value of Terminal Value -3,866.18

Intrinsic Value

Enterprise Value -4,537.86
Net Debt 2,763.70
Equity Value -7,301.56
Shares Outstanding 100.26
Equity Value Per Share -72.83