Discounted Cash Flow (DCF) Analysis Unlevered

CorePoint Lodging Inc. (CPLG)

$15.96

+0.25 (+1.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -24.09 | 15.96 | 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 871980.63862812411354.80306.29264.40228.25197.04
Revenue (%)
EBITDA 143267.89-34342159.067.826.755.835.03
EBITDA (%)
EBIT -4118.97-503-139-144-70.13-60.54-52.26-45.12-38.95
EBIT (%)
Depreciation 147148.9216018115979.1968.3659.0250.9543.98
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 160.60140.856810114362.3953.8646.4940.1434.65
Total Cash (%)
Account Receivables 45.3466.1833331316.3314.0912.1710.509.07
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 38.1348.7699824830.2426.1022.5319.4516.79
Accounts Payable (%)
Capital Expenditure 7132.626161-2418.5616.0313.8311.9410.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.96
Beta 1.815
Diluted Shares Outstanding 56.60
Cost of Debt
Tax Rate 4.81
After-tax Cost of Debt 2.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.123
Total Debt 1,620
Total Equity 903.34
Total Capital 2,523.34
Debt Weighting 64.20
Equity Weighting 35.80
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 871980.63862812411354.80306.29264.40228.25197.04
EBITDA 143267.89-34342159.067.826.755.835.03
EBIT -4118.97-503-139-144-70.13-60.54-52.26-45.12-38.95
Tax Rate 300.00%-274.57%-142.59%-1.92%4.81%-22.85%-22.85%-22.85%-22.85%-22.85%
EBIAT 8445.63-1,220.24-141.67-137.07-86.16-74.38-64.21-55.43-47.85
Depreciation 147148.9216018115979.1968.3659.0250.9543.98
Accounts Receivable --20.8533.18020-3.332.231.931.661.44
Inventories ----------
Accounts Payable -10.6350.24-17-34-17.76-4.13-3.57-3.08-2.66
Capital Expenditure 7132.626161-2418.5616.0313.8311.9410.31
UFCF 226616.95-970.81183.33-16.07-9.498.1176.045.22
WACC
PV UFCF -8.967.225.884.793.91
SUM PV UFCF 12.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.96
Free cash flow (t + 1) 5.32
Terminal Value 134.36
Present Value of Terminal Value 100.59

Intrinsic Value

Enterprise Value 113.44
Net Debt 1,477
Equity Value -1,363.56
Shares Outstanding 56.60
Equity Value Per Share -24.09