Discounted Cash Flow (DCF) Analysis Unlevered
CoreSite Realty Corporation (COR)
$169.41
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 400.35 | 481.82 | 544.39 | 572.73 | 606.82 | 674.32 | 749.33 | 832.68 | 925.31 | 1,028.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 178.76 | 226.75 | 252.70 | 267.21 | 289.24 | 313.49 | 348.36 | 387.11 | 430.18 | 478.03 |
| EBITDA (%) | ||||||||||
| EBIT | 70.11 | 97.50 | 111.07 | 114.28 | 120.32 | 132.08 | 146.77 | 163.09 | 181.23 | 201.39 |
| EBIT (%) | ||||||||||
| Depreciation | 108.65 | 129.25 | 141.63 | 152.92 | 168.92 | 181.42 | 201.60 | 224.02 | 248.94 | 276.63 |
| 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 | 4.43 | 5.25 | 2.60 | 3.05 | 5.54 | 5.55 | 6.17 | 6.86 | 7.62 | 8.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 25.12 | 28.87 | 18.46 | 21.01 | 20.85 | 30.70 | 34.12 | 37.91 | 42.13 | 46.81 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 72.52 | 77.17 | 89.31 | 123.30 | 79.14 | 114.78 | 127.55 | 141.74 | 157.50 | 175.02 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -293.36 | -166.11 | -239.71 | -342.19 | -6.23 | -286.67 | -318.55 | -353.99 | -393.36 | -437.12 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 169.41 |
|---|---|
| Beta | 0.299 |
| Diluted Shares Outstanding | 40.63 |
| Cost of Debt | |
| Tax Rate | 16.23 |
| After-tax Cost of Debt | 1.80% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.841 |
| Total Debt | 1,905.32 |
| Total Equity | 6,883.81 |
| Total Capital | 8,789.12 |
| Debt Weighting | 21.68 |
| Equity Weighting | 78.32 |
| 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 | 400.35 | 481.82 | 544.39 | 572.73 | 606.82 | 674.32 | 749.33 | 832.68 | 925.31 | 1,028.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 178.76 | 226.75 | 252.70 | 267.21 | 289.24 | 313.49 | 348.36 | 387.11 | 430.18 | 478.03 |
| EBIT | 70.11 | 97.50 | 111.07 | 114.28 | 120.32 | 132.08 | 146.77 | 163.09 | 181.23 | 201.39 |
| Tax Rate | 28.44% | 25.64% | 27.01% | 23.47% | 16.23% | 24.16% | 24.16% | 24.16% | 24.16% | 24.16% |
| EBIAT | 50.17 | 72.50 | 81.07 | 87.45 | 100.80 | 100.17 | 111.31 | 123.69 | 137.45 | 152.74 |
| Depreciation | 108.65 | 129.25 | 141.63 | 152.92 | 168.92 | 181.42 | 201.60 | 224.02 | 248.94 | 276.63 |
| Accounts Receivable | - | -3.75 | 10.41 | -2.54 | 0.16 | -9.85 | -3.42 | -3.79 | -4.22 | -4.69 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 4.65 | 12.15 | 33.99 | -44.16 | 35.64 | 12.77 | 14.19 | 15.77 | 17.52 |
| Capital Expenditure | -293.36 | -166.11 | -239.72 | -342.19 | -6.23 | -286.67 | -318.55 | -353.99 | -393.36 | -437.12 |
| UFCF | -134.54 | 36.54 | 5.55 | -70.36 | 219.48 | 20.71 | 3.71 | 4.12 | 4.58 | 5.09 |
| WACC | ||||||||||
| PV UFCF | 19.88 | 3.42 | 3.64 | 3.89 | 4.15 | |||||
| SUM PV UFCF | 34.97 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.18 |
| Free cash flow (t + 1) | 5.19 |
| Terminal Value | 238.09 |
| Present Value of Terminal Value | 194.01 |
Intrinsic Value
| Enterprise Value | 228.98 |
|---|---|
| Net Debt | 1,899.77 |
| Equity Value | -1,670.79 |
| Shares Outstanding | 40.63 |
| Equity Value Per Share | -41.12 |