Discounted Cash Flow (DCF) Analysis Unlevered

Clipper Realty Inc. (CLPR)

$7.6

-0.10 (-1.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 68.04 | 7.6 | undervalue

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 103.95110116.17122.85122.73127.97133.43139.13145.07151.26
Revenue (%)
EBITDA 48.6945.9152.4858.47-35.0639.1040.7742.5144.3346.22
EBITDA (%)
EBIT 33.1529.1533.5235.32-61.3016.9017.6318.3819.1619.98
EBIT (%)
Depreciation 15.5416.7718.9623.1526.2422.2023.1524.1325.1726.24
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 7.9437.0342.5072.061,338.28314.03327.44341.42356371.20
Total Cash (%)
Account Receivables 6.573.584.19710.266.977.277.587.908.24
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ---11.7311.7112.2112.7413.2813.8514.44
Accounts Payable (%)
Capital Expenditure -187.66-39.88-74.90-115.17-115.06-119.97-125.10-130.44-136.01-141.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.6
Beta 0.988
Diluted Shares Outstanding 16.06
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -3.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.362
Total Debt 1,131.15
Total Equity 122.08
Total Capital 1,253.23
Debt Weighting 90.26
Equity Weighting 9.74
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 103.95110116.17122.85122.73127.97133.43139.13145.07151.26
EBITDA 48.6945.9152.4858.47-35.0639.1040.7742.5144.3346.22
EBIT 33.1529.1533.5235.32-61.3016.9017.6318.3819.1619.98
Tax Rate 60.72%59.64%59.62%59.88%0.00%47.97%47.97%47.97%47.97%47.97%
EBIAT 13.0211.7613.5414.17-61.308.799.179.569.9710.40
Depreciation 15.5416.7718.9623.1526.2422.2023.1524.1325.1726.24
Accounts Receivable -2.99-0.61-2.82-3.263.29-0.30-0.31-0.32-0.34
Inventories ----------
Accounts Payable -----0.010.500.520.540.570.59
Capital Expenditure -187.66-39.88-74.90-115.17-115.06-119.97-125.10-130.44-136.01-141.81
UFCF -159.10-8.36-43.02-80.67-153.39-85.19-92.55-96.51-100.63-104.92
WACC
PV UFCF -87.36-97.32-104.06-111.26-118.96
SUM PV UFCF -518.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -2.48
Free cash flow (t + 1) -107.02
Terminal Value 2,388.89
Present Value of Terminal Value 2,708.49

Intrinsic Value

Enterprise Value 2,189.53
Net Debt 1,096.63
Equity Value 1,092.90
Shares Outstanding 16.06
Equity Value Per Share 68.04